New transatlantic carrier Norse Atlantic Airways is subleasing four Dreamliner aircraft to Air Europa because they are not needed in its “start-up phase”.
Norse Atlantic, which still plans to start services this summer, said the two Boeing 787-8s and two Boeing 787-9s would be leased to Spain-based Air Europa for 18 months.
Bjorn Tore Larsen, Norse Atlantic’s CEO, said the agreement provided a “compelling opportunity to generate positive cashflow from aircraft that we were not planning to fully utilise in our start-up phase”.
He added: “The agreement strengthens our already solid financial position as we continue to stay true to our strategy of cautiously entering the market and ramping up based on customer demand.”
The aircraft will be delivered to Air Europa in the second quarter of 2022 and the deal is due to be completed around the end of April.
Norse Atlantic said it would start selling tickets later this month with the first flights between Oslo and the US due to take off in June. The route network will be announced when tickets go on sale.
The airline has already secured slots at London Gatwick as part of its strategy to also offer transatlantic services from London and Paris “as soon as the market situation allows”.
Norse Atlantic, which was set up in March 2021, plans to eventually operate a fleet of 15 Boeing 787s serving destinations such as London, Oslo, Paris, New York and Florida. Norse Atlantic also featured in BTN Europe’s 2022 Hotlist.
“We strongly believe that the demand for transatlantic travel will eventually bounce-back with full force because people will want to explore new destinations, visit friends and family and travel for business,” Larsen said.