Letter of intent with a reputable international airline for wet lease agreements for six aircraft

On 22 November 2024, the Company entered a detailed letter of intent (the "LOI") with a reputable international airline for wet lease agreements ("wet lease") for six aircraft, subject to final agreements, mutual corporate approvals and regulatory approvals. The initial contract term could be further extended, subject to regulatory approval, to cover a longer-term period, with an estimated contract value of USD 462 million over that extended term. Pursuant to the LOI, and provided final agreements are executed based on the terms therein, two aircraft are expected to be deployed in February 2025, with an additional four aircraft expected in September 2025. Norse will be entitled to payment for 350 block hours per aircraft each month, with additional payments possible if utilization exceeds 350 hours per month.

Investor contacts: Anders Hall Jomaas, CFO, anders.jomaas@flynorse.com

Media contacts: Christina Carare, Communications Manager, media@flynorse.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and the Norwegian Securities Trading Act section 5-12.

This stock exchange announcement was published by Christina Carare on the time and date provided.