Arendal ,08 December2022 :Norse Atlantic Airways ("Norse" or the "Company") recorded an aggregate load factor in November of 50 per cent, with load factors on routes fromLondon andBerlin to the US remaining strong while significantly lower fromOslo . In addition, the Company had four aircraft on sublease for the month, while a fifth aircraft is expected to go on sublease during December. Cargo performance continues to get stronger, with average cargo revenue up 23% per flight compared to October, the fourth consecutive month that month-on-month cargo revenue has increased on a per flight basis. During November Norse announced a private placement equity raise for the NOK equivalent ofUSD 30 million , which was one and a half times oversubscribed. The equity raise will ensure thatNorse Atlantic is in a strong position to capitalise on its full planned network next summer, including start-up of operations by its wholly-ownedUK subsidiary,Norse Atlantic UK Ltd ("NorseUK "). NorseUK has secured five daily slot pairs at London Gatwick at no cost for summer 2023 and intends to commence operations during Q1 2023. The ramp up ofUK operations and wider network in Summer 2023 will provide much needed competition on transatlantic routes, benefiting consumers and stimulating economic growth on both sides of theAtlantic . NorseAtlantic Airways successfully completed three charters in November, a first for the Company, on behalf of the US and Norwegian armed forces. Norse was chosen for the flexibility and quick turnaround of services, as well as the reliability and comfort provided by the Dreamliner fleet. The Company is in advanced discussions to provide additional charter services for international airlines and other operators during the winter. Norse launched its sales of its initial routes for summer 2023 during November, includingParis toNew York ticket sales, and will be adding further routes for sale for summer 2023 shortly. The Company increased its customer offering via flynorse.com, announcing partnerships with both Booking.com (https://www.booking.com/), the leading accommodation provider, and Tickitto, (https://tickitto.com/) providing access to book tickets to events, tours and attractions across the markets that we serve.Norse Atlantic is deeply concerned by the Norwegian government's announced 45 per cent increase in the high rate band of air passenger tax in accordance with the national budget for 2023. NorseAtlantic Airways operates direct intercontinental point to point routes in a highly competitive and price -sensitive market. This planned increase means that we may be forced to reassess our investment in direct routes to fromNorway to the detriment of Norwegian businesses and passengers. During November,Norse Atlantic Airways operated a total 190 flights. 88 per cent of operated flights arrived within 15 minutes of the scheduled arrival time, an improvement of 13 percentage points compared to the previous month.Norse Atlantic carried 29,816 passengers in November, a decrease on the preceding month, mainly due to a decrease in available seat kilometres of 52% following a reduction in capacity as previously announced in September. Key traffic figures for November are attached. "Load factor on specific routes remain decent and we are pleased with the performance of our cargo operations which continue to strengthen month on month. Our business model is built on adaptability and securing profitable opportunities such as our charter operations during the quieter winter months and the 18-month sub leasing agreements for five aircraft toAir Europa . These income streams provide an additional financial base during the traditionally leaner winter period. We are proud that the investor market has shown confidence in our strategy and for the support that we received during the private placement that took place towards the end of the month. We will soon be announcing our expanded schedule betweenLondon to the US and look forward to a successful summer 2023 programme," saidBjorn Tore Larsen , CEONorse Atlantic Airways . Contacts: Investors: CFO,Ben Boiling , ben.boiling@flynorse.com Media:SVP Communications ,Philip Allport , philip.allport@flynorse.comNorse Atlantic Airways is a new airline that offers affordable fares on long -haul flights betweenEurope andthe United States . The Company was founded by CEO and major shareholder BjørnTore Larsen inMarch 2021 . Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that will serve destinations includingNew York ,Los Angeles ,Fort Lauderdale ,Orlando ,Oslo ,London ,Berlin andParis . The Company's first flight took off fromOslo toNew York onJune 14, 2022 .
Click here for more information
© Oslo Bors ASA, source