Norse Atlantic Airways Subleases 4 Boeing 787s to Air Europa

Norse Atlantic Airways and Spanish airline Air Europa signed a term sheet for the sublease of four aircraft, including two Boeing 787-8s and two Boeing 787-9s. The agreement 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 startup 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,” Bjørn Tore Larsen, CEO of Norse Atlantic Airways, said.

The aircraft will be delivered to Air Europa in Q2/22. The sublease is subject to completion of documentation, which is expected to occur around the end of this month.
Norse Atlantic Airways will commence ticket sales later this month and its first flight will take off in June. The airline 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.

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