Industry

Published on March 29th, 2021 | by Alan Dwyer

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AerCap to Lease 9 Boeing 787’s to Norse Atlantic

Dublin based AerCap is to lease nine Boeing 787 Dreamliner’s to new Norwegian start up airline, Norse Atlantic Airways. The deal will be for the lease of six used Boeing 787-9 along with three used Boeing 787-8 aircraft. All nine aircraft are powered by Rolls Royce Trent 1000 engines and are scheduled to begin delivery during late 2021. Currently, Norse Atlantic Airways are scheduled to fly their inaugural service in December 2021. All nine aircraft will be delivered by the end of March 2022. Norse Atlantic Airways will be based in Norway but plan to launch long-haul low-cost services, connecting major cities in Europe and the USA. Norse Atlantic Airways will offer routes that have proven to be both popular and profitable, and will initially fly between the U.S. and Europe, serving destinations such as New York, Los Angeles, Miami, London, Paris, and Oslo. The company plans to expand the route network to include destinations in Asia as more Dreamliners enter the fleet. However, growth will be based exclusively on demand and profitability. The aircraft involved is believed to be the former Norwegian Airlines aircraft that are currently stored in Shannon. Norwegian has previously stated during their examinership process in Ireland that they would be pulling out of the long haul market to concentrate on just their European routes with a smaller fleet of just Boeing 737’s.

Speaking when the new company was announced on 15th March, Bjørn Tore Larsen, founder and CEO of Norse Atlantic Airways said, “We now have a once-in-a-lifetime opportunity to build a brand-new airline from scratch. As the world reopens, the public needs an innovative, low-cost intercontinental airline with modern, more environmentally friendly and fuel-efficient aircraft. We have the industry knowledge and have secured modern Dreamliners at very good terms. Norse Atlantic Airways will offer people the opportunity to travel between continents at affordable fares.”

Also commenting was Peter Anderson, Chief Commercial Officer of AerCap who 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.”

Several executives on the board of Norse Atlantic Airways have vast experience with international aviation. CEO and key shareholder Bjørn Tore Larsen’s experience includes co-founding OSM Aviation and expertise in international shipping. Chief Operating Officer Espen Høiby previously served as OSM Aviation CEO and co-founder. He has also served as Chief of Operations Oslo at SAS. Chief Financial Officer James Lightbourn brings experience in international finance within the transportation sector. Other key roles will be held by executives with work experience from some of the world’s leading legacy and low-cost airlines. The founder and CEO Bjørn Tore Larsen own 53% of the shares through his company BT Larsen & Co Ltd in addition to 10% owned by BT Larsen and affiliates. Bjørn Kjos holds 15% and Bjørn Kise 12% of the shares. The company will be listed on Euronext Growth on the Oslo Stock Exchange in April. The investor community has already expressed great interest in the new airline.

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