Norse Atlantic ASA

Earnings Release • Nov 8, 2022

Norse operational update - Load factor increases in October and planned reduction of specific winter routes implemented

Norse operational update - Load factor increases in October and planned reduction of specific winter routes implemented

Arendal, 8[th] November 2022: Load factor increased to 60 per cent in October,

an increase of four percentage points compared to the previous month. Winter

network reductions, implemented late October, will have a further positive

impact on load factor and yield during the season.

Norse Atlantic is pleased to confirm that the core summer 2023 schedule will be

announced later this week allowing customers to book ahead for their summer

travels. Further destinations will be announced in December and the New Year,

expanding the airline's Summer 2023 network.

During the month of October, the US Department of Transport proposed to grant

Norse Atlantic UK Ltd a foreign air carrier permit. Following the recent issue

of a UK Air Operator Certificate by the UK Civil Aviation Authority, this

historic milestone will pave the way for the company to commence direct

transatlantic operations between the United Kingdom and the United States. The

US DOT highlighted that Norse Atlantic UK had demonstrated that it was a

financially and operationally sound business; it was also concluded that it was

clearly in the interest of US citizens that Norse UK be allowed to operate.

"The quick and decisive action to scale down our network in line with demand and

to focus on core routes for the winter season puts Norse Atlantic in a much

stronger position during the months ahead. We are very pleased to see that

certain core routes on our current network are now reaching 85 per cent load

factor with forward bookings also continuing to show a positive trend," said

Bjorn Tore Larsen, CEO Norse Atlantic Airways.

Norse Atlantic Airways signed a term sheet for sublease of a fifth aircraft in

October, a Boeing 787-8, for a total lease period of 18 months. The agreement

will increase total cash profit during the sublease period and is in addition to

the previously announced four aircraft that have been subleased. During the

month the airline additionally received the sixth and final Boeing 787-9 from

lessor BOC Aviation Limited signifying the conclusion of the delivery schedule

from the company.

Cargo revenues continue to be a key income stream for Norse and the average

cargo revenue per operated flight increased 12 per cent compared to September

and 60 per cent compared to August, while on an aggregate basis total net cargo

revenue was flat month-on-month and up 82 per cent compared to August.

During October, Norse Atlantic Airways operated a total 307 flights, which

represents a nine per cent decrease compared to September, while there was 14

per cent decrease in the available seat kilometres flown month-on-month

following a planned reduction in the network as we head into the winter season.

75 per cent of operated flights arrived within 15 minutes of the scheduled

arrival time, the same as the prior month.

Norse Atlantic carried 60,836 passengers in October, representing a three per

cent decrease compared to the previous month as a result of the nine per cent

reduction in number of flights.

Contacts:

Investors: CFO, Ben Boiling, ben.boiling@flynorse.com

Media: SVP Communications, Philip Allport, philip.allport@flynorse.com

Norse Atlantic Airways is a new 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 will serve destinations including New York, Los Angeles,

Fort Lauderdale, Orlando, Oslo, London, Berlin and Paris. The company's first

flight took off from Oslo to New York on June 14, 2022.