Arctic Aviation Assets, a subsidiary of Norwegian Air Shuttle ASA ("the Company"), has signed an agreement for sale of two Boeing 737-800 aircraft, subject to final documentation. The aircraft are currently operated by the Company, and the deliveries will take place late in Q3 and early in Q4 2019. The transaction is expected to increase the Company's liquidity by USD 21 million after repayment of debt and have a positive equity effect. Sale proceeds will be used to repay debt and to increase the Company´s liquidity.
The sale is in line with the Company’s strategy of capitalizing on the scale built up over the last few years and the changed focus from growth to profitability. This announcement is an extension of the information provided in the stock exchange announcement “Norwegian strengthens its balance sheet through a fully underwritten rights issue of NOK 3 billion” on 29 January, where sale of aircraft was highlighted as a measure to reduce capital expenditures, in addition to postponement of aircraft deliveries.