Arctic Aviation Asset Ltd, the parent company of the Norwegian Group (Norwegian) which includes Norwegian Air Shuttle, and which is responsible for aircraft financing, leasing and ownership, has struck a deal with Airbus SE to postpone delivery of a number of aircraft.
With Norwegian now looking to transition from expansion to profitability, the postponement of a mix of A320neos and A321LRs will reduce capital expenditure over the next two years when delivery was scheduled. This announcement comes on top of delivery postponements announced in February, the month after Norwegian announced a US$350 million rights issue to enhance liquidity on January 29.
Norwegian is the world’s fifth largest low-cost airline operating 500 routes to 150 destinations in Europe, North Africa, Middle East, Thailand, Caribbean, the U.S. and South America. In 2018, Norwegian carried more than 37 million passengers. The group has 11,000 employees and a modern, environmentally friendly fleet of more than 150 aircraft with an average age of 3.8 years.
