Article Posted on : - Feb 23, 2009

Jet Airways 777-300 ER aircraft. Boeing image

MUMBAI (PTI): Hit by economic slowdown, private air-carrier Jet Airways will be leasing out four of its wide-bodied Boeing 777 aircraft to Gulf Air.

"We are leasing out four of our Boeing 777-300 (ER) aircraft to Gulf Air for three-and-half-year period," Jet Airways Executive Director Saroj Datta told PTI here today.

A lease agreement has been signed for this purpose, Datta said adding, "The lease period would be for 42 months." The aircraft would be on wet lease for first six months and for the remaining three years they would be on dry lease, he said.

Under wet lease, an airline provides its aircraft with complete crew, maintenance and insurance to another airline. However, under dry lease, only an aircraft is leased out.

The Bahrain-headquartered air-carrier would be taking three of the four leased aircraft next month, and the fourth in May.

Earlier too, Jet Airways had leased out two of its A330 aircraft to Gulf Air for four months from December last.

Following route rationalisation and withdrawing certain unprofitable routes to cut cost by Jet Airways, a number of its aircraft have been rendered surplus, which the airline is leasing out to other air-carriers.