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TheStreet Open House

Boeing And Cathay Pacific Airways Announce Order For 21 777-9Xs

Stocks in this article: BA





HONG KONG, Dec. 20, 2013 /PRNewswire/ -- Boeing (NYSE:BA) and Cathay Pacific today announced the airline's decision to become Asia's first 777X customer with an order for 21 777-9X airplanes, as part of Cathay's future long-haul fleet strategy. The order is valued at more than $7 billion at current list prices.

"The 777-9X promises us improved payload range capability and reduced operating costs, in addition to a significant reduction in environmental emissions," said John Slosar, chief executive of Cathay Pacific Airways. "We think it will be an ideal fit for long-haul destinations in North America and Europe, in particular those routes where we carry high volumes of passengers and cargo each day. Cathay Pacific is committed to modernizing its fleet to provide a superior experience to passengers."

The 777X program was launched at the Dubai Airshow last month where it garnered a record 259 orders and commitments worth $95 billion at list prices. The 777X currently stands as the largest product launch in commercial jetliner history by value and is targeted for first delivery in 2020.

"Cathay Pacific and Boeing share a long-term partnership that spans four decades," said Boeing Commercial Airplanes President and CEO Ray Conner. "We are honored to continue our tradition of launching new airplane models with Cathay Pacific in Asia, starting with the Rolls Royce powered 747-400 and the original 777-200s, 777-300s, 777-300ERs and naturally, now with the 777X family."

Slosar added that, "the 777-300ER has done a superb job for us and Cathay Pacific is now the second largest operator of this type. We are now delighted to be an early customer for this next generation of the 777 aircraft." 

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