Saudi Arabia’s THC Inks $2.9B Deal for Bombardier Jets

Saudi Arabian commercial helicopter operator The Helicopter Company (THC) is planning its first foray into business jet services, signing a letter of intent today for up to 60 Bombardier Challengers and Globals potentially worth $2.9 billion at list prices. The tentative agreement inked with Bombardier at the Farnborough International Airshow is a firm order for 12 aircraft—including five Challenger 3500s, five Global 5500s, and two Global 8000s—worth $566.5 million and options for a further 48. Assuming the same ratio as the firm orders—meaning 20 Challenger 3500s, 20 Global 5500s, and eight Global 8000s—the options could be worth $2.33 billion. (Neither Bombardier nor THC disclosed a breakdown of these options.)

Speaking at the signing ceremony, THC CEO Captain Arnaud Martinez said the potential purchase will “deliver the customer experience the kingdom needs, that the kingdom deserves.” He added that, “as a portfolio of companies, THC was always poised to expand beyond rotary-wing aviation into fixed-wing operations.” THC, a Public Investment Fund company, was founded in 2018 and currently operates a fleet of more than 60 Airbus and Leonardo helicopters.

Bombardier president and CEO Éric Martel described the letter of intent as “a powerful symbol of our companies’ shared customer-centric DNA and vision for economic growth in the region.” Building on an initial 12-aircraft order, a potential fleet of up to 60 jets makes the venture “a very significant undertaking,” he added.

THC said the new business segment addresses rising demand in Saudi Arabia’s business aviation market. The choice of three different-sized aircraft will provide flexibility for a range of missions while offering fleet commonality benefits.