Business travel

Norse Atlantic will lease four Dreamliners from Air Europa

New transatlantic carrier Norse Atlantic Airways is subletting four Dreamliner aircraft from Air Europa because they are not needed in its “start-up phase”.

Norse Atlantic, which still plans to start services this summer, said the two Boeing 787-8s and two Boeing 787-9s would be leased from Spanish company Air Europa for 18 months.

Bjorn Tore Larsen, CEO of Norse Atlantic, said the deal offered a “compelling opportunity to generate positive cash flow from aircraft that we had not planned to fully utilize in our start-up phase”.

He added: “The deal strengthens our already strong financial position as we continue to stay true to our strategy of cautiously entering the market and scaling up based on customer demand.”

The aircraft will be delivered to Air Europa in the second quarter of 2022 and the transaction is expected to close towards the end of April.

Norse Atlantic said it would start selling tickets later this month, with the first flights between Oslo and the United States due to take off in June. The route network will be announced when tickets go on sale.

The airline has already secured slots at London Gatwick as part of its strategy to also offer transatlantic services from London and Paris “as soon as the market situation permits”.

Norse Atlantic, which was created in March 2021, plans to eventually operate a fleet of 15 Boeing 787s serving destinations including London, Oslo, Paris, New York and Florida. Norse Atlantic was also on BTN Europe’s 2022 Hotlist.

“We strongly believe that demand for transatlantic travel will eventually rebound in full force as people want to explore new destinations, visit friends and family, and travel for business,” Larsen said.