By Allison Linn
The Associated Press

SEATTLE - Singapore Airlines, Asia's most valuable flag-carrier, gave Boeing Co. some good news and bad news, ordering up to 31 of the airplane maker's long-range jets but saying it would hold off on deciding whether to buy the new 7E7 Dreamliner.

The contract is a big win for Boeing in its fight with European rival Airbus. But hesitation on the Dreamliner likely rankles, as Boeing's commercial future is heavily reliant on the new model's success.

Investors seemed unconcerned, sending shares in Boeing up $1.59, or 3 percent, to $52.50 in trading Wednesday on the New York Stock Exchange. Shares in Boeing have doubled since early 2003, despite a slight dip in March of this year.

Singapore Airlines said Wednesday it had placed a firm order for 18 Boeing 777-300ER jetliners, to be delivered between 2006 and 2010. The company also said it had reserved the option to buy 13 more of the airplanes, which are powered by GE Aircraft Engines.

In total, the deal would be worth $7.35 billion in list prices, including the cost of spare parts and spare engines.

But airlines typically negotiate steep discounts.

The twin-engine 777-300ER - which stands for extended range - can seat about 350 passengers and is capable of such long-range routes as Los Angeles to Singapore.

Singapore Airlines chief executive Chew Choon Seng said Chicago-based Boeing and Airbus had competed fiercely for that deal.

But the two manufacturers may continue to do battle over a deal to provide planes for Singapore Airlines' regional routes. The airline said Wednesday that it had evaluated proposals for both the 7E7 and Airbus' A330-200 and that neither offer currently fits the company's "financial criteria."

GEAE is one of two companies developing an engine for the 7E7.