Reference is made to the stock exchange announcements published by Norse Atlantic ASA (the “Company”) on 29 November 2024 regarding the entering into of a letter of intent (the “LOI”) for wet lease agreements for six aircraft with a reputable international airline.  

Today the Company has signed a firm wet lease agreement (the “Agreement”) for one aircraft with the Indian airline IndiGo.      

The aircraft is expected to start operations in March 2025 serving long haul routes out of India. The initial term of the Agreement is six months, extendable to up to 18 months, subject to regulatory approvals. Both Parties remain committed to explore opportunities to further extend this period, subject to regulatory approvals.  

Norse and Indigo continue exploring opportunities to contract additional aircraft and increase their collaboration further.

The commercial terms of the wet lease agreement for one aircraft are in line with what was communicated by the Company in the announcement of the LOI on 29 November 2024.

Indigo is the largest airline in India by passengers carried and fleet size, it is also one of the largest individual airlines in Asia and the world, both in terms of passengers carried, fleet size and market cap. In 2024 Indigo carried more than 113 million passengers. Currently IndiGo operates primarily domestic and regional short to medium haul services out of India but are in the process of expanding its global reach by adding long haul services. To support its long haul expansion IndiGo has placed a firm order for 30 Airbus 350-900 wide body aircraft with an option for additional 70 aircraft, with deliveries expected to commence from 2027.

“This contract represents an important milestone for Norse as we partner with one of the largest and most reputable airlines in the world. We look forward to support IndiGo’s long haul services, and to deliver an exceptional travel experience to their customers” said Bjorn Tore Larsen, CEO and Founder of Norse Atlantic Airways.

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