BOC Aviation places Boeing order worth $8.8 billion

August 25, 2014, 3:53 PM UTC
787 Dreamliner Aircraft Previewed Ahead Of Singapore Airshow
SINGAPORE - FEBRUARY 12: The outside decal of the Boeing 787 Dreamliner is seen during a media tour on February 12, 2012 in Singapore. The 787 Dreamliner will be on show at the Singapore Airshow 2012. (Photo by Chris McGrath/Getty Images)
Photo by Chris McGrath—Getty Images

Boeing just closed a big sale, sending 82 planes to Singapore and bringing back a cool $8.8 billion.

Singapore-based BOC Aviation, a subsidiary of the Bank of China, is buying 50 737 MAX 8s, 30 Next-Generation 737-800s and 2 777-30 Extended Range jets. The deal follows a 2006 purchase of 50 737 aircraft by the company.

BOC Aviation provides lease management and aircraft finance services to airlines around the world. Currently, 56 airlines in 30 companies lease airplanes from the company. According to a news release, this is the biggest deal in the 20-year history of the company.

Airlines are looking to keep expensive planes off their books and are instead turning more frequently to leasing companies for newer planes and fuel-efficient aircraft.

The fleet offered by BOC Aviation is noted as being one of the youngest in the aviation industry, with an average craft age of just 4 years.

Last month, Boeing (BA) predicted that sales of airplanes would rise as more fleets needed to replace older planes. The aerospace company also reported boffo earnings, beating analysts’ expectations and raising the yearly outlook for the firm.