Corrects headline to show it is buying 10 leased Boeing aircraft, not that it is buying them from Boeing

COPENHAGEN, March 3 (Reuters) - Budget carrier Norwegian NAS.OL has agreed to buy 10 Boeing 737-800 aircraft that are currently part of its leased fleet, the airline said on Monday.

The transaction is expected to close during the first quarter and will initially be funded through the company's cash reserves, though the airline is looking at securing long-term financing after completion, Norwegian's statement said.

"This move is expected to deliver both short and long-term cost savings, as well as provide additional flexibility for future fleet planning," said Chief Executive Geir Karlsen.

Norwegian said it expects to book a non-recurring gain of about 570 million Norwegian crowns ($50.7 million) as a result of the deal.

"This gain reflects the pricing the company has been able to achieve for the aircraft and the corresponding reduction of existing lease liabilities," Norwegian said.

The deal is also expected to yield recurring cost savings of about 200 million crowns a year, net of financing costs, it added.

($1 = 11.2452 Norwegian crowns)

(Reporting by Stine JacobsenEditing by David Goodman)

((stine.jacobsen@thomsonreuters.com; +45 2156 90 10;))