Norse Atlantic Airways to update investors on funding search

Norse appointed Seabury Securities as its investment banker in January, tasking it with seeking potential investments from strategic partners and commercial partnerships.

The airline, which flies transatlantic from Gatwick, said this week one strategic investment option “in advanced stage of discussions” had ended with no formal agreement reached.

The carrier will update investors on Tuesday (2 July) in Oslo when it will detail its strategic process and second quarter and give an outlook for 2024 and 2025. Norse revealed a 2023 loss of $168.6 million in its first full year of operation, although its first half was a ramping-up of its activities.

In line with seeking charter work for its fleet in winter, Norse has signed a deal to place one Boeing 787 with Neos, an Italian airline that is part of the Alpitour World tour operation. It will operate from 18 December to 1 April 2025.

Bjorn Tore Larsen, the airline’s chief executive and founder, said: “Our focus remains to deliver on our opportunistic and flexible business model by securing additional longer term winter charter contracts and operating our own core summer routes when demand is at its highest. 

“We will update the market and our shareholders regarding additional active strategic avenues as these progress,” he said.