Norwegian seeks judicial review regarding EU ETS obligations for 2020

16 Dec 2022 08:00 CET

Reference is made to stock exchange announcement dated 24 September 2021 in
which Norwegian Air Shuttle ASA (“Norwegian”) announced that it would seek legal
clarification regarding its EU ETS obligations under reconstruction.

Norwegian has been notified that the Ministry of Climate and Environment has
maintained that Norwegian is liable to pay a fee for the failure to meet its EU
ETS obligations for 2020, in a period when the company was under reconstruction.
Norwegian still disputes the fee, and will seek judicial review in the Norwegian
courts. Norwegian will also seek suspension of payment until the matter has been
finally determined.

According to the Norwegian Reconstructor and the Irish Examiner, the company was
prevented from fulfilling its EU ETS obligations. When Norwegian was informed
about the fee in 2021, the Reconstructor in Norway, Håvard Wiker, was in
dialogue with both the Norwegian Environmental Agency and the Attorney General
of Civil Affairs. In this dialogue it was clarified that Norwegian was under
reconstruction and was unable to fulfill its EU ETS obligations, and that doing
so could entail criminal liabilities. In the parallel Irish examinership
process, the Irish High Court ruled that EU ETS’ obligations are subject to cram
down. Also, the Irish environmental authorities chose to not impose fee on
Norwegians’ Irish subsidiary, Norwegian Air International Limited, despite its
failure to meet its EU ETS obligations for 2020.

The fee is close to NOK 400 million.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47
906 64 401

Norwegian Air Shuttle ASA
Fornebu, 16 December 2022

More information:
Access the news on Oslo Bors NewsWeb site