Press release -

Norwegian to establish a joint venture for parts of its aircraft fleet with China Construction Bank Leasing Corporation

The purpose of the joint venture (JV) between Norwegian and China Leasing International Corporation DAC (CCBLI) will be to finance, own and lease aircraft that Norwegian has on order. The agreement will strengthen Norwegian’s financials considerably.

Initially, the JV comprises 27 Airbus A320 NEO aircraft to be delivered from 2020 to 2023. CCBLI will also provide aircraft financing for aircraft within the JV.

CCBLI is a 100% owned subsidiary of China Construction Bank Corporation, an industry leader in banking, financial services and leasing, and the world’s second largest bank by asset value. CCBLI will be the majority owner of the JV with a 70% share, with Norwegian, through its wholly owned subsidiary Arctic Aviation Assets DAC, holding the remaining 30%.

In addition to a positive equity effect, the JV will reduce Norwegian’s committed capital expenditure by approximately USD 1.5 billion based on the initial 27 aircraft. Aircraft deliveries to the JV will commence in Q1 2020. CCBLI has committed to provide senior debt financing to the JV for the 27 aircraft.

“Following several months of negotiations, I’m very pleased to announce that we have reached an agreement with CCBLI to establish a joint venture for an initial 27 Airbus A320 NEO aircraft. This agreement will contribute significantly to reducing our current and future capital expenditure. The JV is one of many important initiatives that need to be realized to deliver on our strategy of moving from growth to profitability,” said Acting CEO Geir Karlsen of Norwegian.

“I am convinced that CCBLI with its professionalism, financial strength and capabilities will be an excellent partner for Norwegian going forward. This JV is an important first step in building a strong strategic partnership between our two companies,” Karlsen added.

“We have during the past year developed a good relationship to Norwegian, including two already executed transactions and we are very much looking forward to continue to build on this relationship through this JV, said Kevin MI, head of Aviation,” CCBLI.   

Topics

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 12 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 14 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

Contacts

For journalists only

For journalists only

Press contact Norwegian Press Office +47 815 11 816
Marketing/sponsorhip requests: marketing@norwegian.com

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.

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