Norwegian Air Shuttle ASA has reached an agreement in principle with Boeing for a recommitment to purchase 50 Boeing 737 MAX 8 aircraft.
The agreement also includes options for an additional 30 aircraft.
The 50 aircraft are due to be delivered between 2025 and 2028, at a schedule closely corresponding to current aircraft lease expirations.
Norwegian Air chair of the board Harald Øygard said: “This is a landmark deal that sets out a path whereby Norwegian will own a large share of its fleet.
“This will result in lower all-in costs and increased financial robustness, enabling us to further solidify our Nordic stronghold.
“The deal also allows us to serve our customers with state-of-the-art aircraft that can run increasingly on sustainable aviation fuel.”
Deal ‘fits’ Norwegian Air’s long-term strategy
The purchase agreement demonstrates Norwegian’s continuously strong commitment to operate a modern and fuel-efficient fleet, according to a statement.
The Boeing 737 MAX 8 is approximately 14 per cent more fuel-efficient compared to previous-generation aircraft.
Norwegian Air CEO Geir Karlsen added: “The overall terms achieved are attractive for Norwegian, and the deal fits well with our long-term fleet strategy and route programme.
“It will enable us to serve our customers with modern fuel-efficient aircraft with the latest technology, significantly reducing our carbon footprint.
“The deal will also strengthen the company’s equity considerably, further solidifying Norwegian’s financial position.”