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    NORSE   NO0010946445

NORSE ATLANTIC ASA

(NORSE)
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Budget carrier Norse Atlantic adds six Dreamliner aircraft

08/02/2021 | 02:38am EDT

OSLO, Aug 2 (Reuters) - Norway's Norse Atlantic  (>> Norse Atlantic ASA), a recently formed long-haul airline that plans to challenge established players on routes between Europe and the United States, has agreed to lease six aircraft from BOC Aviation, it said on Monday.

The leasing agreement expands the budget carrier's fleet to 15 widebody jets, all Boeing 787 Dreamliners, as Norse seeks to fill the void left by Norwegian Air's exit from transatlantic routes.

The global airlines industry has experienced heavy losses during the coronavirus pandemic, leaving a glut of airplanes available for those launching new carriers.

Norse has said it could offer its first flights by the end of 2021, depending on how the pandemic and travel restrictions develop.

"We very much look forward to welcoming customers on both sides of the Atlantic on board these state-of-the-art aircraft as soon as demand for transatlantic travel resumes," Norse founder and CEO Bjoern Tore Larsen said in a statement.

The leasing contract with BOC is for around 16 years for each of the six aircraft, Norse said. It comes on top of nine jets leased from Ireland's AerCap for between eight and 12 years each.

"The lease is at attractive rates and payment terms, allowing the company a flexible implementation during start-up of its operation," Norse said of the BOC deal.

The airline plans to fly from U.S. destinations such as New York, Los Angeles and Miami to European cities including London, Paris and Oslo. It has said it will seek to expand its business based on demand and profitability, and could eventually also include destinations in Asia.

Norwegian Air, which came close to collapse when the coronavirus pandemic broke out in 2020, underwent a financial restructuring earlier this year, emerging as a European-only airline. (Reporting by Terje Solsvik; Editing by Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOC AVIATION LIMITED -0.37% 68 End-of-day quote.1.49%
NORSE ATLANTIC ASA 0.05% 15.008 End-of-day quote.0.00%
NORWEGIAN AIR SHUTTLE ASA 2.79% 9.669 Real-time Quote.-76.84%
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More news
Financials (USD)
Sales 2022 312 M - -
Net income 2022 12,6 M - -
Net Debt 2022 290 M - -
P/E ratio 2022 87,8x
Yield 2022 -
Capitalization 1 166 M 139 M -
EV / Sales 2022 4,66x
EV / Sales 2023 2,52x
Nbr of Employees -
Free-Float 100%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 15,01 $
Average target price 3,60 $
Spread / Average Target -76,0%
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Managers and Directors
Bj°rn-Tore Larsen Chief Executive Officer
James Lightbourn Chief Financial Officer
Terje Bodin Larsen Chairman
Thorm-Arne Norheim Head-Technical
Espen Bjarte H°iby Chief Operations Officer
Sector and Competitors