Boeing Launches New 777X With Commitments Worth $95 Bln

(RTTNews) - Boeing Co. [BA) Sunday launched the newest member of its twin-aisle wide bodied 777X at the Dubai Airshow with orders and commitments worth $95 Billion in hand. The 777-X will be a direct counter to its rival Airbus's long-haul A350-1000 airlines.

The U.S. based airline maker said the 777X will be 12 percent more fuel efficient than any competing airplane and has commitments for 259 airplanes from customers across Europe and the Middle East.

In a separate announcement, Boeing and Etihad Airways announced an order worth $25.1 billion for 56 wide body airplanes with options and purchase rights for 26 additional airplanes. Etihad would be the launch customer for the 777-8X. Boeing also revealed that Flydubai of the Emirate of Dubai has committed for up to 100 737 MAX 8 airplanes and 11 Next-Generation 737-800s.

According to Boeing, the 777X orders and commitments include Lufthansa with 34 airplanes, Etihad Airways with 25, Qatar Airways with 50 and Emirates with 150 airplanes.

Boeing Commercial Airplanes President and CEO Ray Conner said, "We are proud to partner with each of these esteemed airlines to launch the 777X - the largest and most-efficient twin-engine jetliner in the world. Its ground-breaking engine technologies and all-new composite wing will deliver unsurpassed value and growth potential to our customers."

The 777X will be based on successful 777, which commands 55 percent of market share in its category in terms of backlog, and 71 percent of the in-service fleet worldwide. The 777X family will include the 777-8X and the 777-9X.

The 777-9X offers seating for more than 400 passengers and a range of more than 8,200 nautical miles or 15,185 kilometers. Moreover, the airplane will have the lowest operating cost per seat of any commercial airplane. The 777-8X may have a seating capacity of 350 passengers and would offer a range capability of more than 9,300 nautical miles or 17,220 kilometers.

The 777X will be fitted with GE Aviation's GE9X engines and an all-new high-efficiency composite wing that has a longer span than that of 777. The 777X will be formally named at a later date.

Design of the 777X is underway and production is set to begin in 2017, with first delivery targeted for 2020.

On the opening day of Dubai Air show, the last air show of this year, the Abu Dhabi-based Etihad Airways said its order includes 25 777X airplanes, comprising 17 777-9Xs and eight 777-8Xs, subject to program launch.

Etihad is the first airline to order the 777-8X and will be a launch customer of the airplane. The order includes options and purchase rights for 12 additional 777X airplanes. In addition, the airline has ordered 30 787-10s, the newest and largest member of the 787 Dreamliner family.

When today's order is combined with the airline's previous order for 41 787-9s, Etihad becomes the world's largest airline customer for the Dreamliner family with a total of 71 787s on order. The order includes options and purchase rights for an additional 12 787-10s.

Etihad's order also includes one additional 777 Freighter for its cargo fleet, with options for two additional 777 Freighters.

Meanwhile, the official airline of the emirate of Dubai - Flydubai announced a commitment for up to 100 737 MAX 8 airplanes and 11 Next-Generation 737-800s. The commitment is valued at $11.4 billion at list prices.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of flydubai said, "We believe that the commitment for up to 111 Boeing 737 aircraft will give flydubai one of the best performing aircraft available in the single-aisle market." The 737 MAX will build on the Next-Generation 737 and 737 MAX 8 is expected to be 8 percent per-seat more fuel efficient than the future competition. The First flight is scheduled in 2016 with deliveries to customers beginning in 2017. Till date 737 MAX has more than 1,600 orders.

BA closed on Friday at $136.08 on the NYSE.