Press release - 14 April 2021 07:02

Norwegian update on capital raise

Norwegian has today updated the market on the forthcoming capital raise. The upper limit for raising capital has been increased to NOK 6 billion. The debt will be sharply reduced and in addition aircraft orders amounting to NOK 85 billion have been cancelled.

“The capital raise has been revised to between 4.5 and 6 billion kroner, this is due to several factors. We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector. Therefore, we must take this uncertainty into account in our forward planning strategy. At the same time, we have also taken into consideration feedback from investors, as well as dialogue with our board” said Jacob Schram, CEO of Norwegian.

“The new Norwegian, with a simplified organizational structure and operating model, will be a significantly more competitive company than before. This will not only be the case when compared to how we were before the pandemic struck, but also in view of the competitive environment we envisage across the aviation industry in the future” Schram continued.

“We greatly appreciate the long-term support that we have already received for the restructuring and capital raising from individual investors during this time of unpredictability as a result of the pandemic” said CFO Geir Karlsen.

“The debt will be reduced by between NOK 62 and 65 billion compared to the end of 2019, and we have cancelled aircraft orders worth NOK 85 billion. Total debt will therefore be between NOK 16 and 20 billion, of which NOK 6-7 billion is related to our aircraft fleet” Karlsen continued.

For further information, see stock exchange announcement.

Topics

About Norwegian

Norwegian was founded in 1993 but began operating as a low-cost carrier with Boeing 737 aircraft in 2002. Since then, our mission has been to offer affordable fares for all and to allow customers to travel the smart way by offering value and choice throughout their journey.

Norwegian has been voted Europe’s Best Low-Cost airline by Skytrax for six consecutive years and won Airline Program of the Year Europe & Africa at the Freddie Awards for four consecutive years. Since 2012, Norwegian has won over 55 awards for our service, product, and innovation in the industry.

We were the first airline in the world to join the UN Climate Secretariat’s climate action-initiative in 2019, pledging to work systematically to become carbon neutral by 2050.

Norwegian operates a short haul network across the Nordics and to key European destinations providing customers with excellent quality at affordable fares.

Contacts

For journalists only

Press contact Norwegian Press Office press@norwegian.com +47 815 11 816

Marketing/sponsorhip requests: marketing@norwegian.com

Press contact Marketing/sponsorship requests: marketing@norwegian.com

Norwegian.com

The Norwegian group is a leading Nordic aviation company, headquartered at Fornebu outside Oslo, Norway. The company has over 8,200 employees and owns two of the prominent airlines in the Nordics: Norwegian Air Shuttle and Widerøe’s Flyveselskap. Widerøe was acquired by Norwegian in 2024, aiming to facilitate seamless air travel across the two airline’s networks.

Norwegian Air Shuttle, the largest Norwegian airline with around 4,700 employees, operates an extensive route network connecting Nordic countries to key European destinations. In 2023, Norwegian carried over 20 million passengers and maintained a fleet of 87 Boeing 737-800 and 737 MAX 8 aircraft.

Widerøe’s Flyveselskap, Norway’s oldest airline, is Scandinavia’s largest regional carrier. The airline has more than 3,500 employees. Mainly operating the short-runway airports in rural Norway, Widerøe operates several state contract routes (PSO routes) in addition to its own commercial network. In 2023, the airline had 3.3 million passengers and a fleet of 48 aircraft, including 45 Bombardier Dash 8’s and three Embraer E190-E2's. Widerøe Ground Handling provides ground handling services at 41 Norwegian airports.

The Norwegian group has sustainability as a key priority and has committed to significantly reducing carbon emissions from its operations. Among numerous initiatives, the most noteworthy is the investment in production and use of fossil-free aviation fuel (SAF). Norwegian strives to become the sustainable choice for its passengers, actively contributing to the transformation of the aviation industry.