Norse Atlantic ASA

Earnings Release • Jan 11, 2023

­­Norse operational update - Strong commercial end to the year with record revenue and ticket sales

­­Norse operational update - Strong commercial end to the year with record revenue and ticket sales

Arendal, 11th January 2023: Norse Atlantic Airways ("Norse" or the "Company")

recorded an aggregate load factor in December of 61 per cent, including nine

charters and wetlease flights throughout the month.

Throughout December, Norse delivered on its business plan to diversify aircraft

utilisation during the winter period and operated nine charter and wetlease

flights. Norse was selected for the flexibility and quick turnaround of

services, expertise of the crew as well as the reliability and comfort provided

by the Dreamliner fleet. Under some of these agreements Norse operated its very

first flights to the Far East and the Caribbean from Europe. Norse is in the

process of securing longer term agreements for further charter and wetlease

operations which will provide additional revenue during this winter season and

beyond into winter 2023.

The company recently reached several record milestones in both ticket sales and

revenue recorded in a single day, additionally the Norse festive promotion was

well received by consumers in all markets, with bookings from the US remaining

particularly strong.

At the beginning of 2023 the airline surpassed 300,000 flown passengers since

operations began in June, the fleet has now logged more 10,000 flight hours and

completed over 1,500 commercial flights.

During December, Norse Atlantic Airways operated a total 228 flights. 53 per

cent of operated flights arrived within 15 minutes of the scheduled arrival

time, delays incurred were due to weather related issues primarily at New York

JFK, the company operated 100 per cent of scheduled flights.  Norse Atlantic

carried 44,172 passengers in December, an increase on the preceding month of 48

per cent, due to an increase in load factor and available seat kilometres.

Key traffic figures for December are attached.

"We have continued to deliver on our business plan to reduce costs and diversify

the utilisation of our fleet during the winter.

I am particularly pleased that we have successfully completed nine wetlease and

charter operations during December, as a new entrant this market we have clearly

displayed that Norse has both the technical ability, high standard of crew and

flexibility required to satisfy our customers in this segment.

The company has begun 2023 with strong forward bookings across our key markets.

We will be announcing further summer routes from London to the US soon and I am

delighted to confirm that we will imminently launch a new destination from the

EU to the US as well" said Bjorn Tore Larsen, CEO Norse Atlantic Airways".

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.