November 12, 2012 / 1:50 PM / 5 years ago

Bahrain's Gulf Air cuts Boeing 787 order; revises Airbus deal

DUBAI, Nov 12 (Reuters) - Bahrain’s struggling national carrier Gulf Air said on Monday it has reached an agreement with Boeing to scale back its orders of the 787 Dreamliner and also revise existing orders with Airbus.

The Gulf carrier said the new agreement with Boeing allows the airline to reduce its wide-body 787s Dreamliner requirement to between 12 and 16 aircraft from 24 planes order earlier, depending on its strategic requirements.

The fleet restructuring reduces Gulf Air’s long-term financial liability of approximately $5 billion by over 50 percent, Samer Majali, Gulf Air’s chief executive said in an emailed statement.

These aircraft are scheduled for delivery towards the end of the decade and will replace Gulf Air’s current wide-body fleet, the carrier said in an emailed statement.

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