Norse Atlantic Airways today reported its H1 results. The first half of 2022 marked a milestone in Norse Atlantic’s history as it flew its first commercial flight, just over a year after the Company was formed.
Norse launched its ticket sales on 29 April 2022 and the first flight took off on 14 June 2022 from Oslo to New York, followed by flights to Fort Lauderdale and, post-quarter end, to London, Orlando, Los Angeles and Berlin.
“Our inaugural flight from Oslo to New York marked a milestone for Norse Atlantic Airways. The company achieved a load factor of 82 per cent for June which clearly reflects that the desire for affordable long haul travel combined with pent up demand was strong during our start up phase.
The winter season is historically more challenging for the industry and this year faces the additional burden of high fuel prices, increasing inflation in the markets that we operate and uncertainty in overall demand. Norse Atlantic will continue to evaluate Winter 2022 routes in line with demand and profitability,” said Bjorn Tore Larsen, CEO Norse Atlantic Airways.
H1 highlights:
- Start of commercial flights, with inaugural flight on 14 June 2022 from Oslo to New York
- Load factor of 82% achieved and 100% of scheduled flights flown
- Operating revenues of USD 3.0 million recognized in June 2022
- 11 of 15 aircrafts delivered to Norse as of 30 June 2022; 2 more delivered post-period end
- All aircraft currently on power by the hour flexible lease terms
- Agreed terms to sublease out four Dreamliners; two delivered in H1 2022 and two subsequently
- Total liquidity at period end USD 105.6 million
For further information please see attached H1 report and company presentation.
Investor contacts:
Ben Boiling, CFO, ben.boiling@flynorse.com
Media contacts:
Philip Allport, Senior Vice President Communications
media@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.
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Norse Atlantic Airways agrees terms for the sublease of a fifth Boeing 787-8 aircraft
Norse Atlantic Airways has signed a term sheet for sublease of a fifth aircraft, a Boeing 787-8, for a total lease period of 18 months. The agreement will increase total cash profit during the sublease period and is in addition to the previously announced four aircraft that have been subleased. The aircraft is expected to be delivered to the sub-lessee before year end with a lease period of 18 months.
Norse has taken delivery of 13 of a total fleet of 15 Boeing 787 Dreamliners. All 15 aircraft are on long-term flexible lease terms agreed during 2021 when lease rates were at historical low prices. The low lease pricing is fixed for the full duration of the leases, with no inflationary adjustments. For the first 12 months after delivery of each respective aircraft, Norse only pays for the aircraft on a power by the hour basis. Norse expects to take delivery of the remaining two aircraft before the end of 2022.
“This additional sublease agreement provides a further opportunity to increase total cash profit during the lease period. We intend to operate 10 Boeing 787 Dreamliner aircraft during our summer 2023 season, which will mark a substantial increase compared to our launch phase in 2022,” said Bjørn Tore Larsen, CEO Norse Atlantic Airways.
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 Philip Allport, Head of Comms, Norse Atlantic ASA, on 18 October 2022 at 08:00 CET.
Contacts:
Investors: Chief Financial Officer Ben Boiling, ben.boiling@flynorse.com
Media: Senior Vice President Communications, philip.allport@flynorse.com
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