Long-haul budget airline Norse Atlantic Airways is reportedly looking for potential buyers as it undergoes a major restructuring of its operations.
Bloomberg News reported that the Norway-based company has appointed US bank JPMorgan Chase & Co to lead a potential sales process, which could value Norse Atlantic at around €1 billion.
The airline is also open to a possible merger or partnership deal with other airlines, according to Bloomberg. BTN Europe has approached Norse Atlantic for comment on this report.
Norse Atlantic, which is listed on Norway’s Euronext Expand Exchange, is currently undergoing a major financial restructuring, including a $110 million rights issue of new shares alongside a cost-cutting drive.
Earlier this month, Norse Atlantic announced an “acceleration” of its Project Falcon cost reduction programme, with new measures such as cutting 75 administrative jobs and relocating its head office from Arendal to Oslo.
The initiative aims to deliver up to $50 million in annual savings, with “significant reductions” expected to be achieved in 2026. Project Falcon also includes crew furloughs, temporary pay cuts for non-flying staff, a more flexible base structure and “simplified” agreements with crew.
Norse Atlantic carried 116,000 passengers in April across its scheduled and charter operations, which was a 25 per cent drop on the same month in 2025, which the airline has blamed on the impact of the Middle East crisis.
Eivind Roald, the airline’s CEO, said: “Geopolitical tension has affected jet fuel prices and traffic flows, requiring Norse Atlantic to accelerate Project Falcon to strengthen our financial resilience and pave the way towards profitability.”