Latvian carrier Air Baltic has signed a letter of intent for 10 Bombardier CSeries CS300 twinjets worth $764 million (at list prices), with purchase rights for 10 more. Deliveries are to start in the first quarter of 2015.

Air Baltic currently has eight Bombardier Q400s in its fleet, along with 10 Fokker 50s, 16 Boeing 737-300/500s and two Boeing 757s.

“The CSeries will be replacing our [older] fleet,” said Martin Gauss, CEO of Air Baltic, who joined the airline last year after the departure of Bertholt Flick. “Economy-wise, we will have big savings,” the former Deutsche BA boss added.

The CSeries CS100 is due to enter service by end of 2014 and the CS300 by the end of 2015, confirmed Mike Arcamone, president, Bombardier Commercial Aircraft.