Norse Atlantic ASA

Norse Atlantic Airways agrees extensions to subleases of four Boeing 787 Dreamliners

Norse Atlantic Airways has agreed to extend the term for four subleased Boeing

787 aircraft. Three Boeing 787 - 8 Dreamliners have been extended by up to one

year from the original return date and will now be redelivered to

Norse between the end of March and the end of May 2025. Additionally, one Boeing

787 - 9 Dreamliner will be extended by two months before returning to Norse

Atlantic Airways in early May 2024, ahead of it entering Norse's peak summer

flying program. The agreement will increase total cash profit during the

extended sublease periods.

Norse has a total of 15 Boeing 787 Dreamliners. All 15 aircraft are on long-term

flexible lease terms agreed during 2021 when lease rates were at historical low

prices. The low lease pricing is fixed for the full duration of the leases, with

no inflationary adjustments.

"This extension to the sublease agreements for four of our Dreamliner aircraft

provides a further opportunity to increase secured total cash profit during the

lease period. Our strategy is to grow at a steady pace in line with market

demand. We intend to operate 12 Boeing 787 Dreamliner aircraft during our summer

2024 season and we look forward to building up to a fully operational fleet of

15 aircraft in 2025," said Bjørn Tore Larsen, CEO and Founder Norse Atlantic

Airways.

Philip Allport

Senior Vice President Communications

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.

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