Norse Atlantic lands lease deal with Pakistan's PIA
Norse Atlantic lands lease deal with Pakistan's PIA Oct 9 (Reuters) - Norse Atlantic Airways NORSE.OL will lease two Boeing 787-9 Dreamliners to Pakistan International Airlines (PIA), it said on Friday, in the latest move by the struggling Norwegian airline to shore up its finances.
The agreement helps Norse retain a key ACMI (aircraft, crew, maintenance and insurance) contract after India's largest airline IndiGo in July said it would end its wet-lease arrangement with the Norwegian group.
Norse, faced with soaring jet fuel costs, has been reducing its exposure to low-cost transatlantic services and increasing its focus on ACMI, under which it leases aircraft and crews to other airlines for a fee.
Flight operations for flag carrier PIA are scheduled to begin in November 2026
Norse said long-term ACMI agreements with major international airlines help shield the company from swings in passenger demand and fuel prices
The carrier added that it is in talks with other airlines about potential ACMI contracts
Norse operates a fleet of 12 Boeing 787 Dreamliners
The low-cost carrier started a formal process for a possible sale or merger in July
(Reporting by Gianluca Lo Nostro; editing by Izabela Niemiec)
((gianluca.lonostro@thomsonreuters.com))
Recent news on Norse Atlantic ASA
See all newsNorse Atlantic lands lease deal with Pakistan's PIA
Brief: Norse Atlantic And Pia Sign Partnership For Two Boeing 787-9 Dreamliners
Norse Atlantic Airways keeps reduced capacity as high fuel costs weigh (updated)
Norse Atlantic Airways keeps reduced capacity as high fuel costs weigh
Brief: Norse Atlantic Transports 109,202 Passengers In September, Down 32% YoY