Norse Atlantic Airways Secures Wet-Lease Deal for Dreamliners
Norse Atlantic Airways, the Norwegian-based carrier, has reached an agreement in principle to wet-lease up to six of its Boeing 787-9 Dreamliners to another airline for the bulk of 2025. While the identity of the receiving carrier remains undisclosed, the airline has described it as a “reputable international airline.” The deal, which is currently a letter of intent as of December 2, 2024, will see two aircraft delivered in February 2025, with an additional four aircraft following in September 2025, subject to final approvals.
The wet lease agreement marks a significant move for Norse, which will receive a monthly payment for 350 block hours per aircraft, with the potential for additional payments if the aircraft’s usage exceeds this threshold. The total value of the contract could reach $462 million if the deal is extended beyond the initial agreement. This wet-lease deal reflects Norse’s strategy to maximize fleet utilization and generate consistent revenue throughout the year.
The identity of the airline receiving the Dreamliners remains a mystery, but speculation points to Riyadh Air, a Saudi Arabian carrier set to commence operations in early 2025. Despite having Boeing 787-9s on order, Riyadh Air may experience delivery delays due to Boeing’s ongoing supply chain issues. The Norse Dreamliners could temporarily fill this gap, ensuring Riyadh Air can meet its operational needs while awaiting the arrival of its own aircraft.
Norse Atlantic Airways has been operating a dual strategy since its launch in June 2022, offering scheduled and charter flights under its own brand while also pursuing Aircraft, Crew, Maintenance, and Insurance (ACMI) wet leases to other carriers. This approach has allowed the airline to balance seasonal demand fluctuations and generate steady revenue, ensuring its fleet and crews remain active year-round.
As of December 2024, Norse’s fleet consists of seven Boeing 787-9s with an average age of 6.5 years. Four of these aircraft are currently operating under long-haul wet-lease agreements with Italian charter airline Neos. The Dreamliners are configured to accommodate 338 passengers in a two-class layout, with 56 seats in premium economy and 282 in economy class.
In the summer of 2024, Norse operated services from London Gatwick to several US destinations, including Las Vegas, New York, Miami, Orlando, and Los Angeles. The carrier also offered transatlantic flights from other European bases, including Athens, Berlin, Oslo, Paris, and Rome. For the 2024/2025 winter season, Norse has expanded its route network with new services from London to Cape Town and plans to introduce flights from Stockholm to Bangkok in 2025.
While the wet-lease agreement is a major development for Norse, it remains unclear how this arrangement will impact the airline’s own operations. The deal signifies a continued commitment to growing fleet utilization and diversifying revenue streams while maintaining its presence in the competitive international air travel market.
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