Norse Atlantic Airways and Spanish airline Air Europa have signed a term sheet
for the sublease of four aircraft, two Boeing 787-8s and two Boeing 787-9s. The
agreement will generate positive cash flow for Norse and is for a period of 18
months.
"This sublease agreement with Air Europa provides a compelling opportunity to
generate positive cash flow from aircraft that we were not planning to fully
utilize in our start-up phase. The agreement strengthens our already solid
financial position as we continue to stay true to our strategy of cautiously
entering the market and ramping up based on customer demand," said Norse CEO
Bjørn Tore Larsen.
The aircraft will be delivered to Air Europa in the second quarter. The sublease
is subject to completion of documentation, expected to occur around the end of
April.
Norse commences ticket sales later this month and the first flight will take off
in June. Norse plans to serve destinations including Oslo, Paris, London, New
York, Los Angeles and Florida. The route network will be announced when ticket
sales are launched.
"We strongly believe that the demand for transatlantic travel will eventually
bounce-back with full force because people will want to explore new
destinations, visit friends and family and travel for business. Norse will be
there to offer attractive and affordable flights on our more environmentally
friendly and fuel-efficient Boeing 787 Dreamliners to both leisure and cost
-conscious business travelers," Larsen said.
Contacts:
Investors: Chief Financial Officer Ben Boiling, ben.boiling@flynorse.com
Media: Chief Communications Officer Lasse Sandaker-Nielsen, lasse.sandaker
-nielsen@flynorse.com
This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act. This stock exchange release was
published by Ben Boiling, CFO, Norse Atlantic ASA, on 12 April 2022 at 08:00
CET.