Boeing (BA) - Get Report and Ryanair (RYAAY) - Get Report jointly announced Thursday that Europe's largest airline had ordered 75 additional of the 737 MAX, the aircraft that was grounded last year following two fatal air crashes.
Boeing shares were climbing 5.52% to $236.21 in trading Thursday.
The latest order increases Ryanair's order book to 210 jets. Ryanair again selected the 737 8-200, a higher-capacity version of the 737-8, the companies said in a statement, citing the airplane's additional seats and improved fuel efficiency and environmental performance.
Regulators worldwide grounded the 737 MAX in March 2019 after two crashes in less than five months killed 346 people. It was cleared to fly again by the U.S. Federal Aviation Administration last month, while European regulators granted preliminary approval.
FAA Administrator Steven Dickson said last month that he was "100% confident" in the safety of the aircraft after rescinding a 20-month old order that allows the plane to resume commercial flights.
Boeing and Ryanair acknowledged the coronavirus pandemic's impacts on air traffic in the near-term, but expressed confidence in the resilience and strength of the passenger demand over the long term.
"Ryanair will continue to play a leading role in our industry when Europe recovers from the COVID-19 pandemic and air traffic returns to growth across the continent," Dave Calhoun, Boeing's president and CEO, said in a statement. "We are gratified that Ryanair is once again placing its confidence in the Boeing 737 family and building their future fleet with this enlarged firm order."
Ryanair Group CEO Michael O'Leary said "Ryanair's board and people are confident that our customers will love these new aircraft."