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To meet the competitive environment in a period with seasonally lower demand in Europe, Norwegian Air Shuttle ASA (“the Company”) has made several changes to its route portfolio as well as adjusted its capacity. Combined, these measures should improve the financial performance from the start of 2019.
- In addition, the Company has launched an extensive cost savings program, #Focus2019, which will contribute to estimated savings of minimum NOK 2 billion in 2019. Six weeks into the program, we have already identified significant savings.
- As previously communicated, Norwegian’s long-haul operation has been disrupted by challenges with the Rolls-Royce engines on the Dreamliners.
- The Company has now reached an agreement with Rolls-Royce which will have a positive effect from the first quarter of 2019.
- The Company is pleased to announce that the financing for all aircraft deliveries for the first half of 2019 is secured.
- The Company recently signed a letter of intent for the sale of two aircraft with delivery in the first quarter of 2019. The discussions about forming a joint venture for aircraft ownership also continues with full force.