COPENHAGEN – Scandinavian carrier SAS on Tuesday made what it called “the largest investment in the company’s history,” ordering up to 40 Airbus widebody aircraft worth over $10 billion as part of a fleet renewal program.

It includes a firm order for 18 A330-900neo aircraft, Airbus said in a separate statement. SAS said additional Airbus A330-300 jets will be secured to support near-term growth ahead of the arrival of the new fleet.

“For 80 years, SAS has connected Scandinavia with the world and the world with Scandinavia. Today, we are investing in the next chapter of our story,” said Anko van der Werff, president and CEO of SAS.

“This is the largest investment in our company’s history, and a clear signal of our confidence in the future.”

The announcement follows last year’s record order for 55 Embraer E195-E2 regional aircraft.

“Together with the ongoing renewal of the Airbus A320neo fleet, these investments represent the most significant modernization of the SAS fleet in decades, delivering substantial improvements in fuel efficiency, noise performance, and customer experience,” the airline said.

The new aircraft will be powered by Rolls-Royce Trent 7000 engines. The A330neo is designed to fly up to 8,100 nautical miles (15,000 kilometers) nonstop.

As of May, Airbus had secured over 1,950 orders for the A330 family of aircraft, the European manufacturer said.

Images are courtesy of SAS and Airbus.