COPENHAGEN, Denmark (AP) — Budget carrier Norwegian Air Shuttle on Monday said it had reached an agreement with Boeing to buy 50 737 MAX 8 aircraft, saying the planes are due to be delivered between 2025 and 2028, at a schedule closely corresponding to current aircraft lease expirations.

The company said it intends to finance the outstanding balance of pre-delivery payments through positive cash flow from operating activities, and that “a significant share of the aircraft” will be owned by Norwegian, “ensuring an optimized and balanced aircraft financing structure.”

Board chairman Svein Harald Øygard called it “a landmark deal.”

“This will result in lower all-in costs and increased financial robustness, enabling us to further solidify our Nordic stronghold,” Øygard said in a statement. “The deal also allows us to serve our customers with state-of-the-art aircraft that can run increasingly on sustainable aviation fuel.”

Norwegian CEO Geir Karlsen said the deal “will also strengthen the company’s equity considerably, further solidifying Norwegian’s financial position.”

Subsequent to the conclusion of these agreements, Norwegian estimates to record a net gain of around 2 billion kroner ($211 million).

Norwegian operates a short-haul network across the Nordics and to key European destinations.