Following the letter of intent, announced in July 2004, the entire commercial and contractual negotiation has been conducted by G&G Aviation that also coordinated the first contacts with the manufacturers of the two engines offered on the B7E7 (General Electric and Rolls Royce). Engine selection shall be made later.

The contractual negotiation with Boeing was different from others because the B7E7 is the only totally new commercial airplane presented in the last decade, the detail design has not yet been completed and deliveries will start only in 2008.

Has been therefore necessary to evaluate and obtain warranties and guarantees on several aspects which could sensibly effect the economics otf the aircraft operation and that do not normally constitute a concern in case of purchase of already existing aircraft.

The commercial negotiation (contract value is of some hundred million USD) has also been challenging to obtain a price level in line with Blue Panorama expectations as european launching customer.

The cooperation between G&G and Blue Panorama will continue with the management of the purchase agreement and the negotiation of collateral agreements.