12/29/2017 01:19 EST | Updated 12/29/2017 01:20 EST

EgyptAir signs firm order for Bombardier C Series aircraft

MONTREAL — Bombardier Commercial Aircraft says EgyptAir has signed a firm agreement to purchase a dozen CS300 aircraft along with purchase rights for an additional 12 of the aircraft.

EgyptAir's letter of intent to buy the aircraft was announced Nov. 14 during the Dubai Air Show.

Based on the list price of the CS300, Bombardier (TSX:BBD.B) says the contract is worth approximately $1.1 billion US and would double to $2.2 billion US should EgyptAir buy the other 12 aircraft.

The C Series has also been ordered by Iraqi Airways, Saudi Gulf and Gulf Air.

"Welcoming EgyptAir to the family of C Series operators is another landmark moment for Bombardier," said Fred Cromer, the president, of Bombardier Commercial Aircraft.

"The aircraft is performing exceptionally well, the industry recognizes the C Series as best in class, and this order from another well-established airline is testament to its tremendous value."