London-traded Ryanair Holdings, a low-cost European airline, has ordered 175 new Next Generation 737-800 aircraft from Boeing Co. (NYSE: BA). At current list prices, the order is worth $15.6 billion to Boeing.

The Next Generation 737-800 planes entered service in 2007, so the name might be a bit misleading. One of the planes costs about $89.1 million. The comparable 737 MAX 8, Boeing’s newest, most fuel-efficient model in the venerable 737 family, is not scheduled for delivery until the end of 2017 and costs about $100.5 million.

Had Boeing been able to make up its mind in a more timely way on whether to add a new member to its 737 family or to build a completely new airplane, Ryanair may have spent an additional $11 million or so per plane to buy the more fuel-efficient 737 MAX, which might have been available at least two years earlier. Just another instance of how valuable CEO Jim McNerney is to Boeing.

Boeing shares are up about 0.6% in premarket trading this morning, at $85.66 in a 52-week range of $66.82 to $86.49.

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