Singapore-based leasing group Avation increased its fleet of ATR 72-600 regional airliners by ordering five more of the 70-seat twin turboprops. The $130 million contract was signed on the first day of the Singapore Airshow.

Currently, Avation has 20 ATR 72s in its lease portfolio, most of which are -600 models, flying for carriers such as Virgin Australia, Flybe, Uni Air, Air India and Fiji Airways. The new deal would take its fleet of ATRs to 35, with the remaining deliveries set to be made through 2018.

“We believe the ATR 72 is the most efficient aircraft type for regional routes. It provides the lowest fuel burn and the most reduced operating costs among all regional aircraft of its category,” said Avation executive chairman Jeff Chatfield. “ATRs are superb assets for lessor. They offer great returns and also allow portfolio diversification.”

ATR chief executive Patrick de Castelbajac added, “Our success among leasing firms from all over the world underlines our product’s ability to consolidate and expand regional connectivity in very different operational environments.”