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* Orders 19 Dreamliners for delivery between 2017 and 2020
* Deal worth more than $5 bln at list prices
* Has option for another 10 planes
* Shares drop 8 pct as Q3 costs disappoint (Adds quotes by Norwegian Air CEO and CFO, analyst, detail onfinancing, share)
By Ole Petter Skonnord
OSLO, Oct 22 (Reuters) - Budget carrier Norwegian Air has ordered up to 29 Boeing Dreamliners as itexpands its long-haul services, which its chief executive haspromoted with an eye-catching promise of $69 fares to cross theAtlantic.
Norwegian, Europe's third-biggest budget airline bypassenger numbers after Ryanair and EasyJet, haslaunched flights to the Middle East, southeast Asia and theUnited States, as well as expanding routes in its core Europeanmarket, taking its low-cost offer into the long-haul market.
Its CEO, ex-fighter pilot Bjoern Kjos, recently told Reutersthe company could launch one-way transatlantic fares at just $69as early as 2017, without saying how many flights would beavailable at that price.
Average prices are likely to be closer to $300 for a roundtrip, Kjos said.
The airline said on Thursday it would first order 19 ofBoeing's 787-9 Dreamliners with a list price of more than $5billion for delivery between 2017 and 2020, and would have anoption to order an extra 10.
Boeing said it was the largest single order for Dreamlinersfrom a European airline.
Shares in Norwegian Air, which posted earnings slightlybelow market expectations, were down 7.9 percent at 0822 GMT,lagging an Oslo benchmark index down 0.6 percent.
"Costs were higher than expected. The effects of the weakercrown currency were higher than expected," said Ivar AndreasLemmechen Gjul, an analyst at brokerage Fondsfinans.
Operating profit before leasing and depreciation (EBITDAR)rose to 2.05 billion Norwegian crowns ($251 million), comparedwith 1.22 billion a year earlier and an average expectation of2.08 billion in a Reuters poll of analysts.
Norwegian said its latest order took its total of unfilledorders from Boeing to more than 150, including 100 737 MAXs. Italso has on order 100 Airbus A320neos.
Analyst Lemmechen Gjul, who rates the stock "buy", saw thenew order as positive. "They are doing something completely newfor a low-cost airline in the long-haul market," he said. "Theyhave an advantage on their competitors for the next five years."
Norwegian already flies to California, Florida, New York andBoston and is looking to expand by serving U.S. airports thathave low fees and little or no international service, such asNew York's Westchester County Airport.
Like much of Norwegian's fleet, the new planes will be ownedby subsidiary Arctic Aviation Assets Ltd (AAA), which may bespun off at some point, Kjos said, confirming earlier mediareports. (Writing by Gwladys Fouche; Editing by Terje Solsvik and DavidHolmes)
