Norse Atlantic Airways Accelerates ‘Project Falcon’ Cost Reduction Program
- Joe Breitfeller
- 4 hours ago
- 2 min read
Norse Atlantic Airways has today announced an acceleration of their ‘Project Falcon’ cost reduction program, which is expected to deliver $50 million in cost reductions annually.
On Thursday (May 7, 2026), Norse Atlantic Airways announced an acceleration of the implementation of their cost reduction program, Project Falcon, to improve efficiency, simplify operations and reduce costs. Falcon is expected to deliver cost savings of up to $50 million annually, compared to the 2025 baseline. Significant reductions are expected to be realized in 2026 and the program is critical to position the company for future profitability.
In Thursday’s announcement, Norse Atlantic Airways’ CEO, Eivind Roald, said,
“Norse Atlantic has started 2026 with strong commercial momentum, delivering record unit revenue and high load factors on the back of an attractive product and a service-minded crew. At the same time, geopolitical tension has affected jet fuel prices and traffic flows, requiring Norse Atlantic to accelerate Project Falcon to strengthen our financial resilience and pave the way towards profitability.
“Announcing cost cutting measures, including redundancies to committed colleagues, is a hard decision to make. I want to sincerely thank all our Norse employees for their dedication, resilience and the role they have played in building the Company.”
Under Project Falcon, Norse will reduce their administrative workforce by approximately 75 positions, equivalent to around 35 percent of the total, while consolidating select office functions. The Company will also relocate their head office to Oslo, to support closer commercial and operational integration, and subsequently close the Arendal office. The Falcon measures also include crew furloughs, temporary pay cuts for non-flying crew, more flexible base structure and simplified agreements with airborne personnel. Additionally, Norse Atlantic will rationalize their IT and partner systems. By simplifying the organization and reducing structural costs, Norse hopes to proactively position themselves to navigate the current market volatility and geo-political uncertainty.
Norse Atlantic Airways is committed to offering affordable fares on direct, long-haul flights to popular destinations, along with specialized charter and ACMI services for tailored travel needs, and extensive cargo operations. Founded by major shareholder Bjørn Tore Larsen in March 2021, Norse operates a modern fleet of fuel-efficient Boeing 787 Dreamliners, which seat 338 guests and offer Premium and Economy Class, serving a network of destinations across North America, Europe, Africa, and Asia. The airline’s first flight took off from Oslo to New York on June 14, 2022.
Source: Norse Atlantic Airways
