Stephenson Harwood has landed a role on a deal that has seen Airbus seal a record $24bn (£16bn) order for more than 200 passenger jets from Indonesian low-cost carrier Lion Air.

The transaction, which comprises 234 aircraft from the France-based planemaker, was finalised yesterday (18 March) at a ceremony attended by French President Francois Hollande.

Stephenson Harwood aviation head Paul Ng advised longstanding client Lion Air on the deal, with support from Singapore associates David Hon and Ethan Tan.

Ng said: "This transaction is a true testament of how far the aviation industry has taken off in the past decade, especially in Southeast Asia, one of the fastest-growing markets in the world.

"It was a complex transaction to work on with regards to risk allocation issues – the main two relating to delivery and performance, as the aircraft in question is in its development stages and a working model still does not exist – but the deal reached a satisfying conclusion after some hard work on both sides.

"We are currently seeing a golden period of aircraft orders and I would expect the flurry of uber-orders of narrow bodied aircraft to return to double-digit orders for a few years."

Airbus, which is owned by defence giant EADS, was represented by its own transactions team, headed up by sales contact director Guillaume Mille.

Lion Air has previously ordered 230 aircraft worth $21.7bn (£18.6bn) from Airbus rival Boeing in 2011, as well as a $3bn (£2bn) order of Boeing 737s in 2007. Ng, who joined Stephenson Harwood in 2009 from Freshfields Bruckhaus Deringer, acted for Lion Air on both deals.