Norse Atlantic Airways is set to become the latest European carrier to attempt to launch low-cost, long-haul connections to the United States.
Based in Norway, the newly established carrier will be led by Bjørn Tore Larsen, the founder of OSM Aviation.
The low-cost airline will initially offer flights on board Boeing 787 Dreamliners starting in December this year.
The company will be floated on the Euronext Growth market on the Oslo Stock Exchange in April, and has already secured shares valued at US$24 million.
In addition to Larsen, Bjørn Kjos, the former chief executive of Norwegian Airlines, is a key investor.
“We now have a once-in-a-lifetime opportunity to build a brand-new airline from scratch.
“As the world reopens, the public needs an innovative, low-cost intercontinental airline with modern, more environmentally friendly- and fuel-efficient aircraft.
“We have industry knowledge and have secured modern Dreamliners at very good terms.
“Norse Atlantic Airways will offer people the opportunity to travel between continents at affordable fares,” Larsen said.
Norse Atlantic Airways will serve destinations such as New York, Los Angeles, Miami, London, Paris and Oslo.
The company plans to expand the route network to include destinations in Asia as more Dreamliners enter the fleet.
The launch comes as Norwegian abandons a similar business model.
“International tourism has been hit hard by the pandemic, and the market for intercontinental flights is currently almost gone.
“But a new era is coming as the global vaccine program is completed.
“People will once again go on vacation, visit friends and family, and travel for business.
“Norse Atlantic Airways will be there to offer attractive and affordable flights to the leisure traveller and the cost-conscious business traveller,” added Larsen.
Larsen owns 53 per cent of the shares in the new carrier through his company BT Larsen & Co in addition to ten percent owned by BT Larsen and affiliates.
Kjos holds 15 per cent and Bjørn Kise 12 per cent of the shares.
The company will be listed on Euronext Growth on the Oslo Stock Exchange in April.