Press release - 30 August 2013 18:28

Establishment of Asset Management Company

Norwegian has decided to establish a fully owned asset management company. The asset management company will be incorporated under the laws of Ireland and will have USD as its functional currency. Ireland is the largest aviation finance cluster in Europe which makes the country a natural location given Norwegian’s global expansion and large aircraft orders.

The first aircraft to be placed under the control of the asset management company is the Boeing 737-800 due for delivery in September 2013. The asset management company will operate as lessor of the aircraft. The incorporation of the new subsidiary will also limit currency exposure to the balance sheet. The currency exposure is primarily driven by a mismatch between USD denominated loans and aircraft balance sheet values denominated in NOK, managed today by extensive hedge arrangements.

Fornebu, August 30, 2013

Topics

Norwegian Air Shuttle ASA, commercially branded “Norwegian”, is a low-cost airline listed on the Oslo Stock Exchange. Norwegian is the second largest airline in Scandinavia and third largest low cost carrier in Europe. Close to 18 million passengers chose to fly on its network in 2012. Norwegian has a route portfolio that stretches across Europe into North Africa and the Middle East, as well as long-haul flights to the US and Southeast Asia. The company has a total of 382 routes to 121 destinations on sale and employs approximately 3,000 people in Norway, Sweden, Denmark, Finland, Estonia, UK, Spain and Thailand. The company has 275 undelivered aircraft on firm order. Norwegian was founded in 1993 and its headquarter is in Fornebu, Norway. In June 2013, Norwegian was voted Europe’s best low-cost carrier of the year by the renowned SkyTrax World Airline Awards. Norwegian offers better leg room than most competitors, in-flight WiFi, world-class punctuality and a fleet of 75 aircraft with an average age of only 4.6 years.

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Norwegian.com

The Norwegian group is a leading Nordic aviation company, headquartered at Fornebu outside Oslo, Norway. The company has over 8,200 employees and owns two of the prominent airlines in the Nordics: Norwegian Air Shuttle and Widerøe’s Flyveselskap. Widerøe was acquired by Norwegian in 2024, aiming to facilitate seamless air travel across the two airline’s networks.

Norwegian Air Shuttle, the largest Norwegian airline with around 4,700 employees, operates an extensive route network connecting Nordic countries to key European destinations. In 2023, Norwegian carried over 20 million passengers and maintained a fleet of 87 Boeing 737-800 and 737 MAX 8 aircraft.

Widerøe’s Flyveselskap, Norway’s oldest airline, is Scandinavia’s largest regional carrier. The airline has more than 3,500 employees. Mainly operating the short-runway airports in rural Norway, Widerøe operates several state contract routes (PSO routes) in addition to its own commercial network. In 2023, the airline had 3.3 million passengers and a fleet of 48 aircraft, including 45 Bombardier Dash 8’s and three Embraer E190-E2's. Widerøe Ground Handling provides ground handling services at 41 Norwegian airports.

The Norwegian group has sustainability as a key priority and has committed to significantly reducing carbon emissions from its operations. Among numerous initiatives, the most noteworthy is the investment in production and use of fossil-free aviation fuel (SAF). Norwegian strives to become the sustainable choice for its passengers, actively contributing to the transformation of the aviation industry.