Norwegian Air Shuttle AS agreed to buy 19 Boeing Co. 787-9 planes in the Scandinavian discount carrier’s bid to expand its long-haul fleet fivefold to 38 aircraft in the next five years.

The order, valued at more than $5 billion based on list prices, includes purchase options for 10 additional aircraft, the Fornebu, Norway-based carrier said in a statement Thursday. Deliveries will begin in 2017. The purchase is the largest in Europe for this version of Boeing’s 787 Dreamliner.

“This order of 19 new Dreamliners is a major milestone ,” Chief Executive Officer Bjoern Kjos said in the statement. The jet is “crucial to our future growth and competitiveness in the long-haul market.”

Norwegian Air is pursuing one of the industry’s most ambitious growth plans, rolling out a long-haul operation with Dreamliners while swelling its European fleet. The carrier currently operates eight 787-8s and has already ordered 11 of the larger -9 variant with first deliveries planned for 2016.

Norwegian Air fell as much as 8.9 percent and was trading down 7.6 percent at 322.2 kroner as of 9:56 a.m. in Oslo. The airline said separately that net income for the three months ended Sept. 30 jumped to 832.8 million kroner ($66 million) from 373.8 million kroner a year earlier. Earnings fell short of the 897 million-krone average of seven analyst estimates compiled by Bloomberg. Operating revenue gained 15 percent to 7.3 billion kroner.

This article was written by Kari Lundgren from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: An interior of a Norwegian Air Dreamliner. Norwegian Air