Norse Atlantic ASA

Norse Atlantic ASA secures USD 20 million liquidity buffer by shareholder loan

Arendal, Norway, 12 April 2024: Norse Atlantic ASA (the "Company" or "Norse")

has secured a USD 20 million revolving credit facility (the "Facility") from its

two largest shareholders Scorpio Holdings Limited and B T Larsen & Co Limited,

currently holding 21.22% and 18.88% of the Company's issued shares,

respectively. B T Larsen & Co Limited is ultimately controlled by Bjørn Tore

Larsen, CEO of Norse. The Facility demonstrates the continuing strong support

the Company has from its two largest shareholders.

The Facility will provide Norse with a liquidity buffer prior to moving into the

more cash generative late spring and summer seasons. The buffer provided by the

Facility is in addition of the Company's existing cash position, which as stated

the company's 2023 Annual report stands at USD 32.6 million per 31 March 2024.

The Facility is available for use until 15 October 2024 and contains customary

event of default provisions. The Company may draw on the Facility from today

onwards. The Facility is on market terms, is unsecured, has no covenants, will

not be amortizing and any drawn amounts are to be repaid on or before 15 October

2024. Amounts drawn under the Facility will carry interest at a rate of 15% per

annum. A commitment fee of 4.5% per annum will apply on any undrawn part of the

Facility.

Forward looking business continues to improve. Year-to-date revenue from

segments sold have increased substantially compared to the previous year and

Norse is poised for a promising summer season. Moreover, charter revenues booked

and under negotiation significantly surpass those achieved in 2023.

Contacts:

Investors: CFO, Anders Hall Jomaas, [email protected]

Media: SVP Communications, Philip Allport, [email protected]

Norse Atlantic Airways is an airline that offers affordable fares on long-haul

flights, primarily between Europe and the United States. The company was founded

by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet

of 15 modern, fuel-efficient and more environmentally friendly Boeing 787

Dreamliners that serve destinations including New York, Los Angeles, Orlando,

Jamaica, Barbados, Bangkok, Miami, Oslo, Athens, London, Berlin, Rome and Paris.

The company's first flight took off from Oslo to New York on June 14, 2022.

This information is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act.

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