Boeing, Korean Air Announce Commitment to Purchase 11 Twin-Aisle Airplanes

- Commitment includes five 747-8 Intercontinentals and six 777-300ERs

Boeing (NYSE: BA) and Korean Air today announced that the airline has agreed to purchase five 747-8 Intercontinental airplanes and six 777-300ER (Extended Range) jetliners, valued at approximately $3.6 billion at current list prices. Boeing will work with Korean Air to finalize the order, at which time the order will be posted to Boeing's Orders & Deliveries website.

"Korean Air is a valued Boeing customer and their commitment to add more Boeing twin-aisle airplanes to their fleet demonstrates our strong partnership," said Boeing Commercial Airplanes President and CEO Ray Conner. "Korean Air has steadily built its reputation as an early adopter of new technology and innovation and Boeing airplanes have played an instrumental role in that strategy."

Korean Air is the only airline in the world to order both the passenger and freighter variations of the 747-8. When today's order is finalized, Korea's flag carrier will have 10 747-8 Intercontinental airplanes on order. The airline has taken delivery of three of its seven 747-8 Freighters on order. Korean Air currently operates a fleet of 90 Boeing passenger airplanes that consist of 737, 747 and 777 airplanes.

The airline also operates an all-Boeing cargo fleet of 27 747-400, 747-8 and 777 Freighters. In February 2012, Korean Air became the first airline in the world to operate both the 747-8 and 777 Freighters. "Boeing shares a unique relationship with Korean Air-both as a customer and a supplier for Boeing," said Conner. "Our partnership is built upon trust and is multifaceted, which brings us closer on many levels."

Korean Air's Aerospace Division is a key Boeing partner on both the 747-8 and 787 programs, supplying the distinctive raked wing-tips for each model.