Norse Atlantic ASA

Norse Atlantic Airways H1 2022 results

Norse Atlantic Airways today reported its H1 results. The first half of 2022

marked a milestone in Norse Atlantic's history as it flew its first commercial

flight, just over a year after the Company was formed.

Norse launched its ticket sales on 29 April 2022 and the first flight took off

on 14 June 2022 from Oslo to New York, followed by flights to Fort Lauderdale

and, post-quarter end, to London, Orlando, Los Angeles and Berlin.

"Our inaugural flight from Oslo to New York marked a milestone for Norse

Atlantic Airways. The company achieved a load factor of 82 per cent for June

which clearly reflects that the desire for affordable long haul travel combined

with pent up demand was strong during our start up phase.

The winter season is historically more challenging for the industry and this

year faces the additional burden of high fuel prices, increasing inflation in

the markets that we operate and uncertainty in overall demand. Norse Atlantic

will continue to evaluate Winter 2022 routes in line with demand and

profitability," said Bjorn Tore Larsen, CEO Norse Atlantic Airways.

H1 highlights:

· Start of commercial flights, with inaugural flight on 14 June 2022 from Oslo

to New York

· Load factor of 82% achieved and 100% of scheduled flights flown

· Operating revenues of USD 3.0 million recognized in June 2022

· 11 of 15 aircrafts delivered to Norse as of 30 June 2022; 2 more delivered

post-period end

· All aircraft currently on power by the hour flexible lease terms

· Agreed terms to sublease out four Dreamliners; two delivered in H1 2022 and

two subsequently

· Total liquidity at period end USD 105.6 million

For further information please see attached H1 report and company presentation.

Investor contacts:

Ben Boiling, CFO, [email protected]

Media contacts:

Philip Allport, Senior Vice President Communications

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.

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