Air Berlin (NYSE: BA), Boeing Agreed On 787 Order Reduction

Air Berlin said Tuesday that it has agreed with Boeing (NYSE:BA) to reduce the number of firm orders of 787's from 25 to 15, and to reduce the number of optional 787 aircraft from 10 to 5.

The aircraft reduction has a current list price of about $1.7 billion.

The airline cited a change in market conditions as a reason for its decision.