Surf Air (URF, Santa Monica) has signed a firm order with Pilatus Aircraft (PCH, Buochs) for fifteen new PC-12NGs with options for an additional fifty of the same type. Should all options be exercised, the order is valued at USD312million at list prices.

Deliveries are set to commence shortly and will run until 2019.

"The first 15 aircraft are being financed by a USD65million senior facility from White Oak Global Advisors, alongside an additional USD8million equity round from new and existing investors, bringing the total equity raised to USD17million," the airline said.

Surf Air operates a unique subscription-based business model with members charged USD1'750 for unlimited monthly flights. Over the course of the year, memberships have grown from 250 to 900 with an additional 350 member deposits on hold waiting for additional aircraft and routes.

While it is currently constrained to operating within California, it hopes to expand its services to Texas, Florida and the Northeast should it secure regulatory approval for interstate services.