Take a closer look at the $300 million Airbus A330neo - Europe's answer to the Boeing 787 Dreamliner

Parked on the Farnborough tarmac, in the sea of shiny new jets, is the new Airbus A330neo.

The plane on display is the A330-900 prototype. It's the larger and much more popular of the A330neo planes. The jet is kitted out in the paint scheme of launch customer TAP Air Portugal.

Let's have a closer look. Walking up the airstairs into the to the cabin, you can't help but notice the A330neo's massive Rolls-Royce Trent 7000 engines.

The Rolls-Royce Trent 7000 along drag-reducing Sharklet wing-tips help give the A330-900neo a range of 8,300 miles, that's nearly 1,000 miles more than the current generation A330-300. The smaller A330-800 can fly more than 8,600 miles.

Inside, you are greeted by a spacious mood-light-drenched cabin.

This aircraft is fitted with a new version of TAP Air Portugal's flatbed business class seat.

Walking past the business class cabin, we approach the economy cabin.

Check out the slim line seats.

Each seat boast seat back entertainment screens.

"Welcome On Board!"

Like the current generation A330, the neo keeps the eight-abreast seating configuration. The Boeing 787 usually flies with nine seats per row.

The A330-900 is usually configured with room for 287 passengers but can carry as many as 440. The smaller A330-800 is expected to fly with 257 passengers but can carry up to 406.

Here's a look at the galley.

And here's the mood-lit lavatory.

Up front is a modern glass cockpit.

Here's a look at the Captain's seat.

The A330-800neo is priced at $259.9 million while the larger A330-900neo costs $296.4 million. However, it is customary in the industry for airlines and leasing companies to receive significant discounts. Both planes are expected to enter service next year.