Canada's Porter Airlines placed a new order for four Bombardier Q400 NextGen aircraft with six options in a deal valued at an estimated US$120 million for the firm orders.

If all options are converted to firm orders, the price tag could increase to $308 million. Deliveries are set to begin in the second quarter 2011 through the third quarter 2012. Porter currently operates a fleet of 20 Q400s.

"The Q400 aircraft is a foundation of Porter's operation and growth," says Robert Deluce, president and CEO of Porter Airlines. "Its reliability, performance and efficiency have helped us grow to 20 aircraft from two over the last four years. We're proud to be one of the world's leading Q400 operators."

Porter has also confirmed that the company raised an additional C$15 million (US$14.6 million) in equity from existing shareholders that will be used for working capital and new aircraft purchases.

Source: Air Transport Intelligence news