OSLO (JANUARY 21, 2021) - Norwegian is pleased to announce that the government
of Norway has decided to support and contribute to the airline's funding of new
capital, pending certain conditions. This move significantly increases
Norwegian's chances of working through the crisis caused by the pandemic and to
position itself as a key player within Norwegian and European aviation.

"On behalf of everyone at Norwegian, I would like to sincerely thank the
government for their support. Norwegian has been faced with a very challenging
and demanding situation due to the pandemic, and the government's support
significantly increases our chances of raising new capital and getting us
through the reconstruction process we are currently in. We still have a lot of
work ahead of us, but a participation from the government underscores that we
are heading in the right direction," said Norwegian CEO, Jacob Schram.

Norwegian entered into an Irish examinership process and a supplementary
reconstruction negotiation in Norway late last year. On January 14, 2021, the
airline presented a new business plan based on a simplified business structure
with a focus on a European route network and discontinuing its long-haul
operations, as well as significantly reducing its debt. The plan comprises a
fleet of around 50 aircraft in operation this year, and to gradually increase to
approximately 70 aircraft in 2022, pending demand and potential travel
restrictions. The debt will be reduced to around NOK 20 billion, and the company
will raise four to five billion NOK in new capital.

 "With a new business plan, and a participation from the government, we are
confident we can attract investors and get through the Examinership and
reconstruction process. We have received extensive support from political
parties, customers, colleagues, shareholders, and business partners, for which
we are extremely grateful, especially during these challenging times.
Furthermore, the government's support will contribute to help securing jobs and
maintain healthy competition within the aviation sector," added Schram. 

Media Contact:
Anders Lindström | Anders.Lindstrom@Norwegian.com 




Link to announcement: 
https://www.regjeringen.no/no/aktuelt/regjeringen-er-positiv-til-norwegian-sokna
d/id2829345/

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