Avation is making a foray into engine leasing, having completed the purchase of a Pratt & Whitney Canada PW127M powerplant.

The Singapore-based lessor describes the powerplant as “virtually new”, having accumulated only 54 hours.

It adds that it is currently establishing marketing plans for engine leasing as well as the sales and marketing process.

“The company believes the line of engine leasing will be modestly accretive to its business and tactically useful in support of its own and its customers’ fleets from time to time,” says executive chairman Jeff Chatfield.

PW127M engines power ATR 42-500, 72-500 and 72-600 turboprops.

Cirium fleets data shows that Avation has 20 ATR 72 turboprops in its managed fleet, operated by the likes of Virgin AustraliaMandarin Airlines, and Braathens Regional Airways.

The lessor recently put itself up for sale and as part of a strategic review.