Pending delivery of other factory-fresh wide-body aircraft, Air Europa is looking to temporarily add borrowed aircraft to its fleet. Spain’s third-largest airline has sub-leased four Boeing 787 Dreamliners from Norwegian start-up Norse Atlantic, currently grounded in Oslo.

The new low-cost long-haul hopeful had planned to begin operations this spring. However, due to the uncertainties following Russia’s invasion of Ukraine and subsequent oil price hikes, Norse Atlantic has postponed its launch until this summer. He has also chosen to lease some of his planes to earn some much needed cash until operations start in earnest.

“Compelling Opportunity”

Norse Atlantic has so far received nine Boeing 787 Dreamliners which are parked at Oslo Gardermoen airport. The carrier is looking to take delivery of six more over the next month for a total of 15 planes. All jumbo jets previously flew for the bankrupt long-haul arm of Norwegian Air.

However, idle jets with parking fees (especially at Norwegian fares) are no joy for any airline. As such, Air Europa will be removing two 787-8s and two 787-9s from Norse Atlantic for a period of time. The jets will be delivered to the Spanish carrier in the second quarter, with a sublease agreement for an initial period of 18 months. Norse Atlantic CEO Bjørn Tore Larsen commented on the deal,

“This sublease agreement with Air Europa provides a compelling opportunity to generate positive cash flow from aircraft that we had not expected to fully utilize in our start-up phase. The agreement strengthens our financial position already strong as we remain committed to our strategy of cautious market entry and acceleration based on customer demand.

The airline’s CEO says the deal will generate positive cash flow. Photo: Norse Atlantic Airways

Tickets go on sale before the end of April

Norse Atlantic is currently considering starting flights from June this summer. The airline has confirmed its intention to launch ticket sales before the end of the month. It has yet to reveal its route network, but previous plans say it means operating from Oslo, London and Paris in Europe to New York Stewart, Los Angeles and Fort Lauderdale across the Atlantic. .

Although no timetable has been confirmed, the airline has recently secured slots at London Gatwick. This opens up an important market for the startup which hopes to avoid the mistakes made by fellow low-cost airline Norwegian Air during its long-haul stint. Speaking to the International Aviation Club of Washington and quoted by Routesonline, Larsen said forcefully:

“We’re not Norwegians, let’s start with that. We’re a lean, focused operator who will only do one thing: fly long-haul… We’re going to focus on one thing in particular.”

Air Europa already operates a large fleet of Boeing 787s. Photo: Getty Images

The Dreamliners will join several of their siblings at Air Europa. The Spanish carrier already operates a fleet of eight 787-8s and ten 787-9s, with 11 more of the latter on the way. Discover more aviation news here.

Are you surprised to see Air Europa chartering more 787s? Do you think Norse Atlantic’s operations will finally start in June, or will we see more postponements from the Scandinavian startup? Leave a comment in the section below and share your thoughts.

Read more

About the Author