South Korean startup Air Premia has signed an agreement with Boeing for five 787-9 Dreamliners, in a deal worth $1.4 billion at list prices.

The agreement comes as Air Premia announced they’ll be taking five 787-9 Dreamlinres from lessors earlier this year, including three from Air Lease Corporation set to be delivered for a 2020 launch.

“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.”  

Peter Sim, CEO of Air Premia

Based at Seoul Incheon International Airport, Air Premia will initially operate flights within Asia before expanding its network to Los Angeles and San Jose by 2021.

Advertised as a hybrid airline, Air Premia is set to offer a contemporary and well-suited Premium Economy and Economy products; designed for passengers who don’t want to spend as much on a mainline carrier, such as Korean Air.

No seating or cabin announcements have been made yet, however it is understood Premium Economy and Economy will see a seat pitch of 42″ and 35″ respectively.

The commitment won’t show up in Boeing’s order book until finalised at a later time.