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.

The parties’ agreement in principle is subject to various closing conditions, which are targeted to be concluded by the end of June 2022.

The company intends to finance the outstanding balance of pre-delivery payments through cash flow from its operating activities. Subsequent to the conclusion of these agreements, Norwegian has estimated to record a net gain of approximately NOK 2 billion.

"This is a landmark deal that sets out a path whereby Norwegian will own a large share of its fleet," said Svein Harald Oygard, chair of the board of Norwegian.

"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."