Cathay Pacific Airways has ordered three Boeing 747-8 Freighter cargo aircraft in a deal worth $1 billion at list prices, the companies said Monday.

Cathay Pacific, the world's largest international cargo carrier, also has options to buy five 777 Freighters, the Hong Kong flag carrier and the US aerospace giant said in a joint statement.

Cathay Pacific currently operates eight Boeing 747-8 Freighters, a new plane that entered service in October 2011 with launch customer Cargolux.

Boeing says the 747-8 carries 16 percent more revenue-producing freight than its predecessor the 747-400 and has the lowest operating costs and best economics of any large freighter airplane.

"The 747-8 Freighter has provided our revamped cargo fleet with efficient fuel savings as well as added environmental benefits," John Slosar, chief executive of the Hong Kong flag carrier, said in the statement.

On Friday, Cathay Pacific announced it was cancelling an order for eight Boeing 777-200 Freighters, citing a weaker outlook for growth of air cargo shipments.

But in a filing with the Hong Kong Stock Exchange, the airline said it had signed an agreement to buy three Boeing 747-8 Freighters and taken options for five 777-200 Freighters.

Cathay Pacific has been trying to pare costs after falling into the red in the first half of 2012 with a HK$935 million ($121 million) loss, partly due to high fuel prices.

The Hong Kong-based international passenger and cargo airline serves about 160 destinations with a 130-plus fleet of Boeing and Airbus aircraft.