Boeing, British Airways, GECAS Finalize Deal for up to 10 777-300ERs

SEATTLE, Aug. 07, 2008 — Boeing [NYSE: BA] and British Airways have signed an order for two Boeing 777-300ER jetliners valued at $529 million at list prices. Boeing also announced that GE Commercial Aviation Services (GECAS) has purchased two 777-300ERs, airplanes that were previously listed as an unidentified order on the Boeing Web site. The airplanes are two of four 777s that BA has agreed to lease from GECAS — including two 777s ordered in 2007 — as part of its recent commitment to the 777-300ER. British Airways also secured options for four additional 777-300ERs directly with Boeing. "Boeing and British Airways have a relationship that stretches back over the last 50 years and this order is a reaffirmation of this ongoing partnership," said Marlin Dailey, Boeing Commercial Airplanes vice president of Sales for Europe, Russia and Central Asia. "The 777-300ER offers exceptional fuel economy and environmental credentials and will integrate seamlessly into British Airways’ existing twin-aisle fleet.

"In addition, our key partner GECAS continues to demonstrate confidence in the 777. With the 777s GECAS has ordered in the last two years, it has created five new 777 customers. Three of the five new customers have subsequently purchased new 777s directly from Boeing," Dailey said.

The two airplanes GECAS ordered are valued at $529 million at catalog prices and raise to 25 the number of 777s (Freighters and 777-300ERs) that GECAS has purchased since November 2006. The 25 airplanes have been placed on long-term lease with six different carriers, including British Airways.

With its advanced materials and design, the 777-300ER is 18 percent lighter than its closest competitor. It consumes 20 percent less fuel per seat and costs 16 percent less to operate. The 777 family is one of the most reliable twin-aisle commercial airplanes flying today.

The 777’s unique combination of optimal size, range, fuel efficiency and passenger comfort has made it the most successful airplane in its category. The 777 has accumulated 1,090 orders worldwide from 56 different airlines and leasing companies. Boeing currently has more than 350 unfilled orders for the 777 worth in excess of $91 billion at current list prices.


Source: Boeing
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