HONG KONG - Boeing (NYSE: BA) and Cathay Pacific Airways announced that Cathay Pacific has ordered an additional 747-8 Freighter aircraft and three 777-300ER (Extended Range) aircraft, valued at about $1 billion at current list prices.

The order, will increase Cathay Pacific's 747-8 Freighter fleet and 777-300ER fleet to 14 and 53, respectively. 

John Slosar, chief executive of Cathay Pacific, said: "We are very pleased to confirm this latest aircraft purchase from The Boeing Company."

"Both the 777-300ER and the 747-8 Freighter offer a highly efficient solution on Cathay Pacific's ultra-long-haul routes, combining superb operating economics with a significant reduction in emissions. These two aircraft types will form the backbone of our long-haul passenger and freighter fleets through to the end of the decade."

Ray Conner, Boeing Commercial Airplanes president and chief executive officer, added: "Cathay Pacific is a longstanding customer and operator of Boeing's products and services," "We value our partnership with Cathay Pacific and are grateful for their enduring confidence in Boeing and our wide-body airplanes." 

At 250 feet, 2 inches (76.3 m) long -- 18 feet, 4 inches (5.6 m) longer than the 747-400 Freighter -- the 747-8 Freighter gives customers 16 percent more revenue cargo volume compared to its predecessor with nearly equivalent trip costs and lower ton-mile costs.

The 777-300ER is equipped with GE90-115B commercial jet engine, and can seat up to 386 passengers in a three-class configuration with a maximum range of 7,930 nautical miles (14,685 km). 

Hong Kong's flag carrier operates 55 777 aircraft, including 38 777-300ER aircraft and an all-Boeing freighter fleet that includes 13 747-8 Freighters.