Boeing (NYSE: BA) and Lufthansa Cargo have finalized an order for five Boeing 777 Freighters. The order is valued at $1.35 billion, based on Boeing list prices. The airplanes will help Lufthansa Cargo in its initiative to modernize and expand its fleet. Lufthansa Cargo previously indicated its intention to order the freighters in March 2011.

“The 777 freighter is highly regarded for its fuel efficiency and a noise footprint significantly smaller than comparable freighters,” said Karl Ulrich Garnadt, chairman and chief executive officer of Lufthansa Cargo. “We are certain that these airplanes will benefit our customers greatly, as experienced by our AeroLogic joint venture, which already operates eight 777 Freighters.”

AeroLogic, a joint venture of Lufthansa Cargo and DHL Express, became the fourth carrier to operate the 777 Freighter in May 2009.

“Since entering service in 2009, the 777 Freighter has delivered on its promise of fuel efficiency, reduced emissions and lower noise,” said Marlin Dailey, vice president of Sales and Marketing for Boeing Commercial Airplanes. “The 777 freighter features the lowest trip cost of any large freighter and its long range and high capacity will help Lufthansa Cargo achieve its ambitious business goals.”

The 777 freighter is the world’s longest range twin-engine freighter. Providing cargo capacity normally associated with larger airplanes, the 777 freighter can fly 4,900 nautical miles (9,070 kilometers) with a full payload of 225,200 pounds (102 metric tons). The 777 freighter is powered by General Electric’s GE90-110B1L engines and meets QC2 noise standards for maximum accessibility to noise-sensitive airports.

Including this order from Lufthansa Cargo, a total of 88 777 Freighters have been ordered, of which 39 have been delivered.

Boeing press release