Norse Atlantic agrees terms for sublease of fifth Boeing 787-8

Photo Credit: Joris Wendt/AviationSource

LONDON – Low-Cost Carrier and startup Long Haul airline, Norse Atlantic, has come to an agreement of terms for the sublease of a fifth Boeing 787-8 Dreamliner, a variant shorter than their currently operating 787-9 aircraft.

The agreement

Norwegian Long Haul’s successor, startup Norse Atlantic Airways, has just announced their agreement to the terms of a sublease consisting of a fifth Boeing 787-8 aircraft.

Norse Atlantic signed the term sheet for the 787-8, with an 18-month total lease period. The agreement is a part of increasing cash profit during the sublease period, in addition to the four other Boeing 787-8 on current sublease agreements.

The Boeing 787-8 is to be delivered to the sub-lessee before 2022 ends.

The two remaining

Since its launch, Norse Atlantic has taken delivery of 13 Boeing 787 Dreamliner aircraft, all on long-term, flexible leases, which were agreed upon in 2021, as lease rates were at a historical low.

The record low leasing prices got fixed for Norse throughout every aircraft’s leasing period and would remain untouched in regards to inflation.

Throughout the twelve first months of their aircraft’s lease, Norse Atlantic also operates a deal known as “power on the hour”, meaning Norse Atlantic only pays for the aircraft when they are in use.

On top of this, two remaining aircraft are scheduled for delivery in late 2022.

Norse’ statement

On the agreement, Norse Atlantic CEO, Bjørn Tore Larsen, said:- “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,”

Recently approved

On top of this agreement being signed, Norse Atlantic was also recently granted permission from the United States Department of Transportation to operate direct flights between the United Kingdom and the United States.

This approval was the only one remaining for the carrier to begin operations between the two countries, as they recently received their UK subsidiary’s AOC and OL (Air Operator Certificate & Operating License), as handed out by the UK Civil Aviation Authority (CAA)

Norse’s history in Aviation

Founded in February of 2021, Norse Atlantic is a new Norwegian Low-Cost Carrier in the Long Haul division.

Called the successor of Norwegian’s Long Haul program, which went bankrupt during Covid-19, Norse Atlantic is a competitor on the long haul market of the same caliber.

The carrier is headquartered in Arendal, Norway, and was founded by Bjørn Tore Larsen, with the exNorwegian CEO and founder Bjørn Kjos owning minority stakes in the airline.

Announced in March of 2021, the airline was hoping to start selling tickets in the fall of 2021, with hopes of commercial services beginning in December of the same year.

However, the airline was forced to delay sales and launch due to the Covid-19 pandemic and the restrictions that it carried.

The airline completed its first commercial flight on June 14th, 2022, and has since expanded its route network and fleet size.

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