On November 28, 2024, Norse Atlantic Airways announced it had reached a deal in principle to lease out six of its seven Boeing 787-9 Dreamliners. This strategic move is aimed at enhancing the airline's financial stability by generating additional revenue through wet leasing, where an aircraft is provided with its crew, maintenance, and insurance to another airline. The agreement involves a "reputable international airline", although Norse has not disclosed the identity of the lessee.
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The deal, according to Norse, includes deploying two aircraft starting in February 2025, with an additional four to follow in September 2025. Under the terms, Norse will receive a monthly payment for 350 block hours per aircraft, with the possibility of additional payments if usage surpasses this threshold. If an extension is agreed upon, the contract could be valued at $462 million. This move comes at a time when Norse Atlantic is still carving out its niche in the competitive long-haul low-cost market. The airline, which began operations in June 2022, operates a fleet of Boeing 787s, focusing on transatlantic routes. The decision to lease out aircraft suggests a strategy to balance seasonal demand and operational costs, particularly during periods when its own routes might not fully utilize its fleet.
Norse has been exploring various opportunities to utilize its fleet more efficiently, including wet leases and charter services. This approach not only provides a steady income stream during off-peak seasons but also helps in maintaining operational flexibility. The airline has previously entered into similar arrangements, such as with Air Europa, showcasing its commitment to this business model.
The potential lessee might be looking to expand its operations or cover its own fleet constraints. Middle Eastern airlines, facing delivery delays of new aircraft, have been mentioned as possible candidates for such arrangements, though no confirmation has been made by either Norse or potential partners. This leasing strategy could impact Norse's own expansion plans or route schedules, depending on how long and to what extent the aircraft are leased out. However, it reflects a pragmatic approach to airline management, focusing on financial sustainability in a market known for its volatility.