Norse Atlantic lands lease deal with Pakistan's PIA
General view of a Norse Atlantic Boeing 787 Dreamliner aircraft parked at Oslo (Gardermoen) Airport, Norway March 4, 2022. REUTERS/Victoria Klesty
Oct 9 : Norse Atlantic Airways 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
