Norse Atlantic ASA

Norse Atlantic Airways to sublease four of its Boeing 787 Dreamliners

Norse Atlantic Airways and Spanish airline Air Europa have signed a term sheet

for the sublease of four aircraft, two Boeing 787-8s and two Boeing 787-9s. The

agreement will generate positive cash flow for Norse and is for a period of 18

months.

"This sublease agreement with Air Europa provides a compelling opportunity to

generate positive cash flow from aircraft that we were not planning to fully

utilize in our start-up phase. The agreement strengthens our already solid

financial position as we continue to stay true to our strategy of cautiously

entering the market and ramping up based on customer demand," said Norse CEO

Bjørn Tore Larsen.

The aircraft will be delivered to Air Europa in the second quarter. The sublease

is subject to completion of documentation, expected to occur around the end of

April.

Norse commences ticket sales later this month and the first flight will take off

in June. Norse plans to serve destinations including Oslo, Paris, London, New

York, Los Angeles and Florida. The route network will be announced when ticket

sales are launched.

"We strongly believe that the demand for transatlantic travel will eventually

bounce-back with full force because people will want to explore new

destinations, visit friends and family and travel for business. Norse will be

there to offer attractive and affordable flights on our more environmentally

friendly and fuel-efficient Boeing 787 Dreamliners to both leisure and cost

-conscious business travelers," Larsen said.

Contacts:

Investors: Chief Financial Officer Ben Boiling, [email protected]

Media: Chief Communications Officer Lasse Sandaker-Nielsen, lasse.sandaker

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

-12 the Norwegian Securities Trading Act. This stock exchange release was

published by Ben Boiling, CFO, Norse Atlantic ASA, on 12 April 2022 at 08:00

CET.

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