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Norse Atlantic Airways Extends Subleases on Four Boeing 787 Dreamliners

Norse Atlantic Airways has extended subleases for four Boeing 787 Dreamliners.  Three 787-8s have been extended by up to one year, and will be redelivered to Norse between the end of March and May 2025.  The fourth will be redelivered to Norse in early May 2024.


Norse Atlantic Airways Boeing 787-9 Dreamliner - Courtesy Norse Atlantic Airways

On Monday (February 12, 2024), Norse Atlantic Airways announced that they have extended subleases on four Boeing 787 Dreamliners.  Three 787-8 subleases have been extended by up to one year from the original return date and will now be redelivered to Norse between the end of March and the end of May 2025.  One Boeing 787-9 Dreamliner sublease will be extended by two months before being redelivered to Norse in early May 2024.  The agreement will increase the company’s total cash profit during the extended sublease periods.


In Monday’s announcement, Norse Atlantic Airways’ Founder and CEO, Bjørn Tore Larsen, said,


“This extension to the sublease agreements for four of our Dreamliner aircraft provides a further opportunity to increase secured total cash profit during the lease period.  Our strategy is to grow at a steady pace in line with market demand.  We intend to operate 12 Boeing 787 Dreamliner aircraft during our summer 2024 season and we look forward to building up to a fully operational fleet of 15 aircraft in 2025.”


Norse has a total of 15 Boeing 787 Dreamliners, which are all on flexible long-term leases agreed to in 2021, when lease rates were at historically low prices.  These terms are fixed for the full duration of the leases, with no adjustments for inflation.


Founded in March 2021 by major shareholder and CEO Bjørn Tore Larsen, Norse Atlantic Airways offers affordable transatlantic and European flights.  The airline’s first flight between Oslo and the U.S. departed on June 14, 2022.  The company’s head office is located in Arendal, Norway, and Norse has a second office in London.  Norse has a fleet of 15 modern, fuel-efficient Boeing 787-9 Dreamliners.  The carrier offers service to New York, Los Angeles, Orlando, Miami, Barbados, Bangkok, Oslo, Athens, Paris, Rome, London, Berlin.

 


Source: Norse Atlantic Airways/Cision

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