Qantas has placed an order for eight Boeing 787-9s as part of its fleet renewal plans.

“This milestone acquisition marks the scale of our turnaround and looks ahead to a new era for our iconic international airline,” said Alan Joyce, chief executive of Qantas. “We’re halfway through the biggest and fastest transformation in our history. Qantas is rapidly growing fitter, stronger and smarter. These aircraft are a fitting emblem of that evolution – they show that we are revitalized and here for the long haul.”

The new aircraft are to replace five of the carrier’s 747-400s. Four are due to arrive in financial year 2018 and another four in financial year 2019.

Joyce also said that, having looked at every aspect of the 787, the company decided that it was the right aircraft for its future.

“The key reason we chose this particular aircraft is its incredible efficiency,” he said. “Its new technology will reduce fuel burn, cut heavy maintenance requirements and open up new destinations around the globe.”

Five of the eight orders come from the exercise of options Qantas has with Boeing, while three will be converted from 787-8 orders for Jetstar Airways, Qantas’ low-cost subsidiary.

In August 2012, Qantas announced the cancellation of firm commitments for 35 787-9s as part of a five-year turnaround plan. Options for 20 787-9s and purchase rights for another 30 were retained and brought forward to be available from 2016.