Arctic Aviation Assets DAC, a subsidiary of Norwegian Air Shuttle ASA (“the Company”), is pleased to announce that it has reached an agreement in principle with Airbus S.A.S. regarding a restructuring of the fleet delivery schedule, including both A320neos and A321LRs. This restructuring remains subject to contractual documentation agreement, and more information will be provided as soon as the documentation is finalized.
The restructuring will reduce capital expenditure by approximately USD 670 million for 2019 and 2020 and USD 2.4 billion over the next five years. This is in addition to the reduction in capital expenditures from postponements announced by the Company on 6 February 2019, 10 April 2019 and earlier today 24 April 2019.
In total, the announced restructurings and postponements of Boeing and Airbus aircraft will reduce capital expenditure for 2019 and 2020 by USD 2.1 billion. Guidance for total capital expenditure will be given in the Q1 presentation published tomorrow 25 April at 7:00 AM (CET).
The restructuring 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.