FARNBOROUGH, England – The Helicopter Company, a Saudi Arabian commercial helicopter operator, signed a letter of intent Tuesday with Bombardier for the planned purchase of up to 60 business jets as it expands into fixed-wing aviation.

The nonbinding agreement calls for a proposed firm order of 12 aircraft, including five Challenger 3500 jets, five Global 5500 jets and two Global 8000 jets.

It also includes options to purchase up to 48 additional aircraft across the three models.

The agreement was signed at the Farnborough International Airshow, which runs through July 24.

The Helicopter Company, which is owned by Saudi Arabia’s Public Investment Fund and was founded in 2018, said it plans to use the aircraft to launch business jet charter and aircraft management services.

The planned fleet will serve customers in Saudi Arabia and across the region, it added.

Financial terms of the proposed transaction were not disclosed. The companies said the LOC is subject to negotiation and execution of definitive agreements.