The information below (Source: CAPA) from Flybe's interim results from 03FEB suggests that ten of the fourteen E195's will be grounded from Flybe operations leaving four to operate over the S14 season. At the end of S14, these four will also stop flying.
This only indicates that Flybe do not intend to use the aircraft themselves, and not that they wouldn't use them on contract flying opportunities if these presented themselves. The CEO has already commented that they are trying to minimise the impact of the aircraft grounding if possible.
As part of its restructuring programme (see below), Flybe will ground 10 Embraer E195 aircraft by the end of Mar-2014 and the remaining four of this type by the end of northern hemisphere summer 2014. CEO Saad Hammad told analysts on a conference call to discuss the 3Q results that the E195 does not make sense in the context of Flybe’s operations. He views the group’s turboprops as the core of the fleet, although there continues to be a role for the smaller regional jets.
Flybe is currently looking at ways to minimise the cost to Flybe of the planned aircraft groundings. These include discussions with third party airlines, including European flag carriers, about contract flying; and possible sub-leases or early hand-backs of leased aircraft (10 aircraft come to the natural end of their lease over the next 18 months anyway).