Korean airline start-up Air Premia has revealed its plans to acquire five 787-9 Dreamliner aeroplanes from aircraft manufacturer Boeing.

The deal commitment is valued at $1.4bn according to list prices and yet to be finalised.

Earlier this year, the company agreed to lease three 787-9 aircraft from Air Lease Corporation.

Air Premia CEO Peter Sim said: “This is an exciting decision for Air Premia as we look to deliver a world-class experience to our customers, while also operating the most fuel-efficient fleet.

“With the 787-9’s superior fuel efficiency and range capabilities, this investment fits perfectly with our unique business model and will position Air Premia for sustainable long-term growth.”

Featuring a wide-body, the standard configuration 787-9 has the capacity to accommodate up to 296 passengers. Boeing has claimed that the aircraft has a published range of 13,950km.

Powered by GE and Rolls-Royce engines, the 787 Dreamliner helps cut fuel consumption and emissions by up to 25%.

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Boeing Commercial sales and marketing senior vice-president Ihssane Mounir said: “The super-efficient 787-9 is a perfect fit for this new hybrid airline.

“The market-leading economics and capabilities of the Dreamliner will enable Air Premia to offer the best-in-class service to its customers at competitive fares.”

Air Premia is based at Seoul Incheon International Airport in South Korea and has planned to commence operations in September next year.

The airline will initially focus on regional operations in Asia. It has plans to expand to Los Angeles and San Jose by 2021.

The Boeing 787-9 Dreamliner is powered by next-generation GE and Rolls-Royce engines.