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(L - R) Geir Karlsen, Norwegian Chief Financial Officer - Morten Korsveien, Norwegian Manager Corporate Finance
(L - R) Geir Karlsen, Norwegian Chief Financial Officer - Morten Korsveien, Norwegian Manager Corporate Finance

Press release -

Norwegian wins two coveted accolades at the Airline Economics Aviation 100 Awards

  • Airline wins CFO / Treasury Team of the Year and the Aviation 100 Equity Deal of the Year
  • Norwegian recognised for multiple milestones throughout 2019 as airline continues strategic change moving from growth to profitability

Norwegian received two coveted accolades at The Aviation 100 Awards held in Dublin, Ireland on Monday 20th January. The Aviation 100 awards ceremony celebrates the years’ most outstanding performers in the aerospace industry. The top ten rankings for each category are based primarily on an industry survey vote, with nominations for each category also accepted and judged using a combination of points awarded for specific criteria.

Geir Karlsen, Norwegian Air Shuttle Chief Financial Officer, accepted the award for ‘CFO /Treasury Team of the Year’, which was awarded based on the best finance deal in past 12 months and the consistency of performance. Members of the Norwegian treasury team were also on hand to accept the award for ‘Equity Deal of the Year’ which was in recognition for the joint venture deal with CCB Leasing and Arctic Aviation Assets, represented by Hogan Lovells LLP.

Geir Karlsen, CFO of Norwegian Air Shuttle, said: “During a challenging past year in the industry we have implemented a series of financial measures at Norwegian to ensure that we are delivering on our strategy of moving from growth to profitability. Throughout 2020 we will continue to focus on building a strong, sustainable and profitable business to benefit our customers, employees and shareholders. I very much appreciate the recognition that these awards clearly demonstrate in regards to the hard work and diligence of the entire treasury team at Norwegian and Arctic Aviation Assets.”

In Q3 2018 Norwegian announced a strategic move from growth to profitability and has since implemented a series of measures including an ongoing evaluation of the airline’s global route network in response to demand.

In the latter half of 2018 the airline launched #FOCUS2019 which looked at reducing costs throughout the business and has now been complemented by the launch of Program NEXT with a commitment to deliver a NOK 4 billion run-rate EBITDAR improvement by the end of 2021, as both top line and cost efficiencies are implemented. In addition, Norwegian’s monthly traffic statistics have consistently shown a reduction in growth with improved unit revenue and on time performance.

In 2019 Norwegian secured significant financial milestones that further strengthened the airline’s move to profitability. A fully underwritten rights issue of NOK 3 billion was announced in January. In May Norwegian Air Shuttle (NAS) and Norwegian Finans Holding (NOFI) entered into an IPR license agreement, giving NAS a one-time payment of NOK 150 million for NOFI’s right to use the Norwegian brand and the airline's logo in Europe outside the Nordics for the first five years of the agreement period. In September bondholders voted in favour of Norwegian’s proposed amendments to its two unsecured bonds NAS07 and NAS08 and in November Norwegian raised NOK 2.5 billion in gross proceeds through a private placement and a convertible bond issue of USD 150 million.

Subjects


Norwegian in the UK and Ireland:

  • Norwegian carries almost 6 million UK passengers each year from London Gatwick, Edinburgh and Manchester Airports to 30 destinations worldwide
  • Norwegian is the third largest airline at London Gatwick, with 4.6 million yearly passengers, and with more than 1,500 UK-based pilots and cabin crew
  • In 2014, Norwegian introduced the UK’s first low-cost, long haul flights to the U.S. - the airline now flies to 11 U.S destinations, Buenos Aires and Rio de Janeiro from London Gatwick
  • Norwegian is the only airline to offer free inflight WiFi on UK flights to more than 30 European destinations and 13 long-haul destinations.
  • The airline has one of the youngest aircraft fleets in the world with an average age of 3.8 years, including next-generation Boeing 787 Dreamliner, Boeing 737 MAX and Boeing 737-800s
  • Norwegian has been voted ‘Europe’s best low-cost carrier’ by passengers for six consecutive years at SkyTrax World Airline Awards from 2013-2018, along with being awarded the ‘World's best low-cost long-haul airline’ in 2015, 2016, 2017, 2018 and 2019
  • Norwegian Reward is the airline's free to join award-winning loyalty programme offering members CashPoints and Rewards that reduce the cost of Norwegian flights

Press contacts

UK press office details

UK press office details

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

Marketing/sponsorhip requests: marketing@norwegian.com

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

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Norwegian.com

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.

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