Norwegian’s fleet renewal continues

Norwegian´s fully owned subsidiary Arctic Aviation Assets (AAA) has ordered two new Boeing 737 MAX aircraft. In addition, AAA has signed a Letter of Intent (LOI) for a sale-leaseback transaction of 11 Boeing 737-800 aircraft currently operated by Norwegian. Norwegian has exercised its options to order two new Boeing 737 MAX aircraft that will be delivered during 2018. Following this announcement, AAA now has a firm order of 110 Boeing 737 MAX aircraft and 90 remaining purchase options.The LOI for sale-leaseback of 11 aircraft is expected to reduce the Norwegian Group’s financial net debt by approximately NOK1.4 bn based on the currency exchange rate NOK/USD of 8.5. On May 4, 2017, Norwegian announced the sale-leaseback of eight new Boeing 737-800 aircraft to be conducted in the second quarter. Following the sale of 19 aircraft (eight new deliveries and 11 existing), the Norwegian Group estimates a positive net cash flow impact on of approximately NOK2.3bn. These aircraft will be leased back to Norwegian me.