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Norwegian replacement Norse Atlantic secures lease deal for 9 Dreamliners

written by Hannah Dowling | March 30, 2021

787-8 Dreamliner. Image – Boeing (1)

Norse Atlantic Airways, Norway’s latest trans-Atlantic low-cost airline, has officially come to an agreement with Dublin-based leasing giant AerCap for the lease of nine Boeing 787 Dreamliners.

The start-up airline previously touted that it would lease ex-Norwegian Air 787s to fly between Europe and the US, as the embattled Norwegian canned its long-haul routes as the airline navigates out of insolvency.

Under its new agreement with AerCap, the body that previously leased Norwegian Air its Dreamliner aircraft, Norse Atlantic is set to take delivery of six used Boeing 787-9s, and three smaller used 787-8s.

Deliveries are scheduled to begin ahead of Norse Atlantic’s planned launch in December 2021, with the remaining aircraft to be delivered by the end of Q1 2022, according to the airline.

Norse Atlantic said that it secured the aircraft at “attractive rates and payment terms”, which will allow the airline flexible implementation during its start-up.

The airline stated the lease terms are approximately eight years for the 787-8 aircraft and approximately 12 years for the 787-9 aircraft.

Bjørn Tore Larsen, CEO of Norse Atlantic Airways, said, “We are thrilled to be partnering with a market leader in AerCap to lease our initial fleet of Dreamliners. Norse Atlantic Airways looks forward to providing our passengers with comfortable, affordable, intercontinental travel aboard these state-of-the-art aircraft.”


Meanwhile, Peter Anderson, chief commercial officer of AerCap, said, “AerCap is excited to announce the signing of lease agreements for nine Boeing 787 aircraft with Norse Atlantic Airways. With its superior operating characteristics, the 787 is the perfect aircraft for Norse Atlantic Airways to launch a modern long-haul low-cost airline, and we are delighted to be supplying them with their first aircraft.

“We wish Norse Atlantic Airways every success and look forward to working with them as they roll out their plan in the years to come.”

Last week, World of Aviation reported that Bjorn Kjos, the founder and ex-CEO of troubled carrier Norwegian Air, has taken another shot at the budget trans-Atlantic market, in partnership with Larsen, co-founder of OSM Aviation.

Together, the two have launched Norse Air, in order to cash in on Norwegian Air’s exit from its famed long-haul budget trans-Atlantic routes.

The aviation veterans stated they plan to lease 12 ex-Norwegian Dreamliners to fly from major US hubs, such as New York, Los Angeles and Miami, to European hotspots, including London, Paris and Oslo.

While it will initially target the trans-Atlantic market, the company has said it may extend its network to the east, with routes to and from Asia in the future, should demand and profitability allow for such an expansion.

Services are expected to begin as soon as late 2021, according to the airline.

The airline is currently also nearing completion of a $150 million capital raise via private placement, as it gears up to enter Oslo’s Euronext Growth stock market.


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