Air Lease Corp. (ALC) is expanding its Boeing 787 portfolio with an order for two more 787-9s in a deal announced at the Paris Air Show.

California-based ALC, which placed its first purchase for the 787-9 in 2010, said its aircraft portfolio currently includes the 787-9 and -10. The 787-9 can fly 296 passengers up to 7,565 nm. in a typical two-class configuration.

During the air show, ALC also announced long-term lease placements for two new Airbus A220-300s with Cyprus Airways.

ALC posted strong first quarter 2023 results, which it said benefitted from robust fleet growth. ALC CEO and president John Plueger said the need for “new fuel-efficient commercial aircraft continues to rise, bolstering the value of our orderbook positions and existing fleet. While our deliveries exceeded expectations this quarter, we do foresee OEM delivery delays persisting for several years ahead.”

As of March 31, ALC said it had 437 aircraft in its owned fleet, with a net book value of $25.7 billion, a weighted average age of 4.5 years and a weighted average lease term remaining of 7.1 years. During the first quarter, ALC took delivery of 22 aircraft, representing approximately $1.4 billion in aircraft investments, ending the period with over $29 billion in total assets.