Norwegian Air Shuttle ASA

Legal Proceedings Report • Dec 16, 2022

Norwegian seeks judicial review regarding EU ETS obligations for 2020

Norwegian seeks judicial review regarding EU ETS obligations for 2020

Reference is made to stock exchange announcement dated 24 September 2021 in which Norwegian Air Shuttle ASA (“Norwegian”) announced that it would seek legal clarification regarding its EU ETS obligations under reconstruction.

Norwegian has been notified that the Ministry of Climate and Environment has maintained that Norwegian is liable to pay a fee for the failure to meet its EU ETS obligations for 2020, in a period when the company was under reconstruction. Norwegian still disputes the fee, and will seek judicial review in the Norwegian courts. Norwegian will also seek suspension of payment until the matter has been finally determined.

According to the Norwegian Reconstructor and the Irish Examiner, the company was prevented from fulfilling its EU ETS obligations. When Norwegian was informed about the fee in 2021, the Reconstructor in Norway, Håvard Wiker, was in dialogue with both the Norwegian Environmental Agency and the Attorney General of Civil Affairs. In this dialogue it was clarified that Norwegian was under reconstruction and was unable to fulfill its EU ETS obligations, and that doing so could entail criminal liabilities. In the parallel Irish examinership process, the Irish High Court ruled that EU ETS’ obligations are subject to cram down. Also, the Irish environmental authorities chose to not impose fee on Norwegians’ Irish subsidiary, Norwegian Air International Limited, despite its failure to meet its EU ETS obligations for 2020.

The fee is close to NOK 400 million.

For further information, please contact:

Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47 906 64 401

Norwegian Air Shuttle ASA

Fornebu, 16 December 2022