Rolls-Royce has announced a $2.7 billion deal with Norwegian Air Shuttle.

The company will manufacture and service Boeing 787 Dreamliner engines for the low-cost airline.

Rolls-Royce will provide its Trent 1000 engines for 19 new Dreamliners.

The February 1 deal is some welcome positive news for Rolls-Royce, which has seen its share price tumble by more than a third over the last year.

Rolls-Royce is in the middle of a shake-up under new chief executive Warren East.

Warren East has changed senior management at Rolls-Royce and changed the structure of the company in an attempt to make it more transparent.

The company’s reorganization was a response to a series of profit warnings.

Under the deal with Norwegian, Rolls-Royce will provide its TotalCare service contracts for the new aircraft, as well as for the engines on 11 other 787 aircraft leased by Norwegian.

Norwegian has options to buy 10 more Dreamliners, which would also be powered by Rolls-Royce engines.