The owners of Norse Atlantic Airways, which is listed on Norway’s Euronext Expand Exchange, are reportedly looking for an investor willing to buy the airline.
Norse Atlantic is currently undergoing a major financial restructuring, including a $110 million rights issue of new shares alongside a cost-cutting drive.
Earlier this month, Norse Atlantic announced an “acceleration” of its Project Falcon cost reduction programme, with new measures such as cutting 75 administrative jobs.
Norse Atlantic Airways relocated its head office from Arendal to Oslo.
Amid operations amid financial struggles, Norse Atlantic Airways is reportedly exploring a potential sale as it undergoes a major restructuring.
According to several media reports, the airline has hired investment bank JPMorgan to conduct a strategic review of the airline's business with the ultimate goal of finding a buyer or merger opportunity for the company. Despite improving operating performance, Norse Atlantic Airways continues to face a difficult financial situation.
The deterioration in the broader macroeconomic environment caused by the military conflict in the Persian Gulf and the associated increase in fuel prices occurred just as Norse Atlantic was approaching profitability.
In 2025, the Norwegian long-haul budget carrier increased its revenues from $588 million to $734 million and managed to achieve a positive EBITDAR of $56.5 million, while reducing operating losses from $97 to $20.1 million.
The carrier's strategic reorientation, which has seen it focus on fewer core markets in Scandinavia and the UK, as well as leasing part of its fleet to other operators (notably the fast-growing Indian budget carrier IndiGo) as an ACMI service provider, appears to have borne fruit.
However, investors remain unconvinced, and the airline's shares continue to trade at or near their all-time lows. Moreover, the airline's attempt to raise $90 million through a share offering was canceled in December 2025 due to the share price falling below the subscription price.
Norse Atlantic recently launched a cash-conserving cost-cutting initiative aimed at saving about $50 million.
Despite these difficulties, Norse Atlantic Airways is said to be able to achieve a valuation of around $1 billion.
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