Norwegian-based carrier Norse Atlantic Airways (‘Norse’) has revealed it has reached an agreement in principle that will see up to six of its current fleet of seven Boeing 787-9 Dreamliners wet-leased to another carrier for the bulk of 2025. Although the identity of the customer airline has yet to be revealed by the Oslo-based carrier, it is being described as a “reputable international airline.”
The announcement by Norse reveals that the wet lease, which remains the subject of a letter of intent as of December 2, 2024, will initially involve two aircraft being supplied to the customer in February 2025, with a further four aircraft following in September 2025. Signed at the end of November 2024, the deal remains subject to final agreements, mutual corporate approvals, and the necessary regulatory approvals.
The airline adds that under the terms of the agreement, it will be entitled to a monthly payment for 350 block hours per aircraft under the lease, with the scope for additional payments should the utilization per aircraft exceed this threshold. With a contract extension already negotiated in principle, the term of the wet lease could be extended if the parties agree. Norse has valued the overall contract value at $462 million if the extension is agreed upon.
While the identity of the receiving carrier remains a mystery at this stage, online speculation is rife, with Middle Eastern newcomer Riyadh Air appearing to be the most mentioned contender. The Saudi Arabian carrier is due not commence operations in early 2025 and, while it has its own fleet of 787-9s on order, is likely to experience delivery delays as Boeing continues to struggle with supply chain issues of its own. Use of the Norse Dreamliners could plug that gap, at least in the interim period.
Norse itself has pursued a dual strategy of operating scheduled and charter passenger flights under its own brand since it commenced flights in June 2022. It has also actively pursued ACMI (Aircraft, Crew, Maintenance, Insurance) wet lease agreements with other carriers to increase fleet utilization during its off-peak months (typically during the northern winter). The strategy has helped the Norwegian carrier balance the seasonal cycle and provide robust year-round income, as well as keeping its airplanes and crews in the air for 12 months of the year.
According to ch-aviation, Norse’s current fleet of seven Boeing 787-9s has an average age of 6.5 years. Four are shown to be currently operating for Italian charter airline Neos on long-haul wet-lease services. In their standard Norse configuration, the aircraft are configured to accommodate 338 passengers in a two-class configuration – 56 in premium economy and 282 in economy.
In the summer of 2024, Nose flew from London-Gatwick Airport (LGW) to several US destinations including Las Vegas, New York, Miami, Orlando, and Los Angeles. It also flew transatlantic services from bases in Athens, Berlin, Oslo, Paris, and Rome. During the 2024/25 winter season, the carrier has also added flights between London and Cape Town and will add Stockholm to Bangkok in 2025. It remains unclear how the latest lease agreement will affect its own future operations.