Norse Atlantic Airways has entered into a wet lease agreement with IndiGo for two more aircraft on May 8, 2025, completing the scope of six 787-9 Dreamliners detailed in the letter of intent from November last year.
The agreement secures additional fixed long-term revenues for Norse Atlantic and reduces the company's market risk. In addition, the company said the agreement aligns with its strategy to “create strong efficiencies through maximum utilization of the aircraft fleet” by combining demand for both its wet leasing and scheduled network services.
“This agreement represents an important milestone in our collaboration with IndiGo and reinforces our partnership with one of the world's leading airlines,” said Bjorn Tore Larsen, CEO and founder of Norse Atlantic Airways. “The wet lease agreement with a total of six aircraft means that we further strengthen our strategic and financial position in a volatile market.”
The commercial terms of the agreement for the additional two aircraft are in line with the company's letter of intent detailed last year, Norse Atlantic said.
The company had finally confirmed the IndiGo as the other party of the agreement in February after it signed a firm agreement to wet lease one 787 Dreamliner at the time. The letter of intent had an estimated value of $462 million over the extended term.