Norse Atlantic Airways announces improved payment terms with credit card payment providers

Norse Atlantic Airways is pleased to announce that it has agreed improved payment terms with its credit card payment providers resulting in an immediate cash release.

In a Company announcement dated 2 July 2024 reference was made to near-term liquidity being negatively impacted by a tail-heavy summer bookings curve while awaiting credit card receivables being collected and that various working capital initiatives were ongoing. The new improved credit card terms have been achieved at no cost and represent the most favourable working capital solution and resolve the near-term liquidity issue.We continue working to optimise our liquidity and our general financial position going forward.

Contacts:

Investors: CFO, Anders Hall Jomaas, Anders.Jomaas@flynorse.com

Media: SVP Communications, Philip Allport, philip.allport@flynorse.com

Norse Atlantic Airways is an airline that offers affordable fares on long-haul flights, primarily between Europe and the United States. The company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that serve destinations including New York, Las Vegas, Los Angeles, Orlando, Miami, Cape Town, Bangkok, Oslo, Athens, London, Berlin, Rome and Paris. The company's first flight took off from Oslo to New York on June 14, 2022.