International Lease Finance Corp. (ILFC), a unit of American International Group, has signed the definitive agreement for its purchase of 40 jetliners, the Boeing Company announced today.
The agreement includes eight new Boeing Longer-Range 777 models, 25 777-200ERs (extended range) and seven Next-Generation 737s. This brings total 777 orders to 113, a record single year total. The complete order is valued at approximately $5.6 billion at list prices.
The order initially was announced, pending the signing of the definitive agreement, at the Farnborough Air Show earlier this year. The 777s previously had not been included by Boeing in its order totals, however the 737s were previously included and attributed to an "unidentified" customer.
"We're very excited about the new Longer-Range 777 airplanes, which will enable airlines to offer more point-to-point service over long-distance routes," said Steven Udvar-Hazy, president and chief executive officer - ILFC. "Boeing 777 and Next-Generation 737 airplanes are in high demand and our order, therefore, responds to these demands."
The finalization of this order brings the number of Next-Generation 737s ordered by ILFC to 211. The 737s will be delivered between 2003 and 2005, while the 777 models are scheduled for delivery from 2002 through 2009. ILFC has ordered 67 Boeing 777s to date and orders for Boeing jetliners by the leasing company total 644 airplanes.
"Studies show that three out of four passengers prefer the 777 over its competition, and operators praise its higher speed and superior economy," said Seddik Belyamani, executive vice president of Sales -- Boeing Commercial Airplanes Group. "The Next-Generation 737, the most modern and popular jetliner in its class, offers the highest reliability in its class with superior economics. For these reasons, the 777 and Next-Generation 737 families have outsold their competition to date this year."
ILFC, based in Los Angeles, has the world's largest portfolio of aircraft in terms of asset value. A Boeing customer since 1977, with an order for a single 737-200, ILFC has since ordered more models of Boeing jetliners than any other customer, including the 727,757-200, and multiple models of the 737, 747, 767, MD-11, MD-80 and 777.
The Boeing 777 is the world's most technologically advanced commercial airplane, offering the best in passenger comfort. The 777-200ER first was delivered in February 1997 and is capable of flying up to 7,700 nautical miles (14,260 km). The Longer-Range 777-200 and 777-300 models, launched in February 2000, bring the comfort and economic advantages of the current 777 to non-stop routes that have never before been possible.
The Next-Generation 737 is the best -selling new commercial airplane in history, with more than 1,700 ordered since the program was launched in November 1993. On average, more than 1,000 737s are in the air at any one time and a 737 takes off every 5.5 seconds somewhere in the world.