Class 158 Rolling Stock Lease

Description

This notice concerns a modification to an existing lease (the Lease) procured whilst ScotRail was under the Abellio franchise ownership, between ScotRail Trains Limited (SRT) and Porterbrook Leasing Company Limited (Porterbrook) for 80 Class 158 vehicles (the Fleet). The Lease is currently scheduled to expire on 31 March 2030 and a 3-year extension has been agreed to the Lease for the same scope of supplies, with an additional option to extend for up to a further 2 years. The value of that extension (inclusive of options) is GBP 73,300,000 excluding VAT. This extension is necessary to ensure SRT is able to discharge its obligations and continue to deliver vital services while the suburban and rural new fleet procurements are commenced and is therefore an interim solution until the new fleet can be procured, built and commissioned for passenger service. An interior refurbishment will be undertaken to the Fleet to ensure it can continue to operate for passenger service for the duration of the extension.