Singapore-based aircraft lessor Avation has exercised purchase rights for five additional ATR 72-600 turboprops, increasing its total orders with the manufacturer to 54 aircraft.

The new agreement converts previously secured options under a long-term deal signed in 2011, with deliveries of the latest aircraft set for 2028 and 2029.

Avation currently has 27 ATR aircraft placed with operators worldwide and has added three new customers in the past six months, reflecting sustained demand for regional turboprops.

“These aircraft expand Avation’s existing order book,” Executive Chairman Jeff Chatfield said, adding that the ATR 72-600 offers “the lowest seat-mile cost in regional aviation.”

The aircraft is widely used on short-haul routes and as a replacement for older, less efficient regional equipment, particularly in markets where operating costs and fuel efficiency are critical.

ATR Chief Executive Nathalie Tarnaud Laude said lessors play “a pivotal role” in introducing airlines to the aircraft type, often leading to follow-on purchases.

Industry forecasts point to demand for more than 2,000 new turboprops over the next two decades, driven by fleet renewal and growth in regional connectivity.