Norse Atlantic completes IndiGo wet-lease agreement with two more aircraft

08 May 2025 15:06 CEST

Arendal, Norway, 8 May 2025 - Norse Atlantic Airways has entered into a wet
lease agreement with Interglobe Aviation Limited ("IndiGo") for two more
aircraft. This completes the scope of six Boeing
787-9 Dreamliners described in the letter of intent (LOI), published November
29, 2024.

The agreement secures additional fixed long-term revenues for Norse Atlantic and
reduces the company's market risk, and is in accordance with Norse Atlantic's
strategy to create strong efficiencies through maximum utilization of the
aircraft fleet, combining demand from both ACMI and own scheduled network.

"This agreement represents an important milestone in our collaboration with
IndiGo and reinforces our partnership with one of the world's leading airlines.
The wet lease agreement with a total of six aircraft means that we further
strengthen our strategic and financial position in a volatile market", says
Bjørn Tore Larsen, CEO and founder of Norse Atlantic Airways.

The additional two aircraft are expected to start operations by early 2026,
serving long haul routes out of India. The initial term of the Agreement is six
months, extendable up to 18 months, subject to regulatory approvals. Both
parties remain committed to exploring opportunities to further extend this
period, subject to regulatory approvals. The first aircraft was delivered in
March and is already servicing IndiGo's Delhi - Bangkok route.

The commercial terms of the Agreement for the additional two aircraft are in
line with what was communicated by the Company in the announcement of the LOI on
29 November 2024.

IndiGo is the largest airline in India by passengers carried and fleet size, it
is also one of the largest individual airlines in Asia and the world, both in
terms of passengers carried, fleet size and market cap. In FY 25 IndiGo carried
more than 118 million passengers. Currently, IndiGo operates primarily domestic
and regional short to medium haul services out of India but are in the process
of expanding its global reach by adding long-haul services. To support its long
-haul expansion IndiGo has placed a firm order for 30 Airbus 350-900 wide body
aircraft with an option for additional 70 aircraft, with deliveries expected to
commence from 2027.

Investor contacts: Anders Hall Jomaas, CFO, anders.jomaas@flynorse.com

Media contacts: Bård Nordhagen, CCO, baard.nordhagen@flynorse.com

About Norse Atlantic Airways

Norse Atlantic is an airline that offers affordable fares on long-haul flight.
The company was founded by CEO and major shareholder Bjørn Tore Larsen in
January 2021. Norse has a fleet of 12 modern, fuel-efficient and more
environmentally friendly Boeing 787 Dreamliners that serve destinations
including New York, Los Angeles, Miami, Orlando, Bangkok, Cape Town, Oslo,
Stockholm, Athens, London, Berlin, Rome and Paris. The company's first flight
took off from Oslo to New York on June 14, 2022.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5
-12. This stock exchange announcement was published by Anders Hall Jomaas on the
time and date provided.

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