Norse Atlantic Airways is sub-leasing four of its Boeing Dreamliners to Spanish airline Air Europa, which will bring in cash for the start-up carrier.
The low-cost long-haul carrier has not yet started flights, after postponing its launch to June 2022 due to uncertainties caused by Russia’s invasion of Ukraine and rising oil prices.
The airline plans to have a fleet of 15 B787 Dreamliners. The company said in March that nine are currently parked at Oslo Airport, with the remaining six to be delivered in the coming months.
Now, it is sub-leasing two 787-8s and two 787-9s to Air Europa for a period of 18 months, it said in a statement on April 12, 2022.
“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,” Norse chief executive Bjørn Tore Larsen said.
Larsen added: “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.”
The aircraft will be delivered to Air Europa in the second quarter. The deal to sub-lease the aircraft is dependent on paperwork being completed, which Norse expects will happen around the end of April.
Norse also confirmed that it will launch ticket sales in April, with its first flight in June. It has not yet announced its route network, but plans to fly to Oslo, Paris, London, New York, Los Angeles and Florida.
“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,” Larsen added.