Norwegian-based carrier Norse Atlantic Airways (‘Norse’) has revealed it has reached an agreement in principle that will see up to six of its current fleet of seven Boeing 787-9 Dreamliners wet-leased to another carrier for the bulk of 2025. Although the identity of the customer airline has yet to be revealed by the Oslo-based carrier, it is being described as a “reputable international airline.” 

The announcement by Norse reveals that the wet lease, which remains the subject of a letter of intent as of December 2, 2024, will initially involve two aircraft being supplied to the customer in February 2025, with a further four aircraft following in September 2025. Signed at the end of November 2024, the deal remains subject to final agreements, mutual corporate approvals, and the necessary regulatory approvals. 

The airline adds that under the terms of the agreement, it will be entitled to a monthly payment for 350 block hours per aircraft under the lease, with the scope for additional payments should the utilization per aircraft exceed this threshold. With a contract extension already negotiated in principle, the term of the wet lease could be extended if the parties agree. Norse has valued the overall contract value at $462 million if the extension is agreed upon. 

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