SAO PAULO, Brazil, June 10 (Reuters) - Brazil's Embraer (EMBR4) (ERJ), the world's No. 4 maker of commercial aircraft, on Monday said it had signed at $350 million deal to sell 22 aircraft to U.S.-based Wexford Capital LLC. The owner of regional carrier Chautauqua Airlines, Wexford Capital made 15 firm orders for Embraer's 37-seat ERJ 135 aircraft and seven firm orders for the 50-seat ERJ 145 jet in a deal analysts said reflected a turnaround for Embraer and the regional aircraft market. The agreement also includes 30 options for either of the two types of airplanes, potentially pushing the total value of the deal to $900 million, Embraer said in a statement. The planes should start to be delivered in the fourth quarter of this year and throughout 2003, a timetable that should bolster the company's revenue and bottom line, analysts said. The deal comes as Embraer attempts to regain its footing after the Sept. 11 attacks on the United States thrust the world aviation industry into crisis, squashing demand for air travel and forcing companies like Embraer to cut production and staff. Soon after the attacks, Embraer slashed its year-end delivery forecast to 135 planes from 205. It expects to deliver 145 jets in 2003. "This could be seen as the turning point. Perhaps as of now we (will) start to see more orders," said Paolo de Sora, an analyst at BBA Icatu bank in Sao Paulo. "It shows that the regional airline industry is really recovering quicker (than the general aviation industry)." Embraer's American Depositary Shares were up 2.61 percent at $22.40 in afternoon trading on the New York Stock Exchange, while its shares in Sao Paulo were up 2.36 percent. Embraer said the deal follows an accord between Chautauqua Airlines and Delta Connection under which Chautauqua will service Florida customers through the Delta Connection system. Chautauqua Airlines flies 355 flights per day to 42 cities and 18 states in the United States and Canada, Embraer said. Its flights are also operated as American Connection, America West Express or US Airways Express. Embraer, Brazil's largest exporter, posted a 19.4 percent drop in first-quarter net profit, hurt by the shrinking demand. The company could soon see even bigger benefits if it wins a $700 million contract with the government for 12 new fighter jets. It is bidding for the tender with French partner Dassault. ©2002 Reuters Limited.