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NORWEGIAN

Rolls-Royce wins $2.7bn contract from Norwegian

British aircraft engine maker Rolls-Royce said on Monday that it has won a lucrative engines contract from Scandinavian carrier Norwegian in a deal worth $2.7 billion (€2.5 billion).

Rolls-Royce wins $2.7bn contract from Norwegian
The engines will power Norwegian's new Boeing 787 Dreamliner aircraft. Photo: Norwegian
“Rolls-Royce has won a $2.7bn order from Norwegian for Trent 1000 engines… for 19 new Boeing 787 Dreamliner aircraft,” it said in a statement adding that the deal included long-term service support.
 
The contract also includes servicing for another 11 leased Boeing 787s that have yet to enter service.
 
“This decision further develops our relationship with Rolls-Royce and we look forward to operating aircraft powered by the latest version of the Trent 1000,” said Bjørn Kjos, chief executive of Norwegian.
 
Norwegian also has options for a further 10 aircraft which, if confirmed, would be powered by the Trent 1000 engine, Rolls-Royce added.

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AIRLINE

Airline Norwegian posts 15 billion kroner loss after nightmare 2020

Low cost airline Norwegian has registered a loss of 14.9 billion Norwegian kroner for 2020, a year in which the company saw a drastic reduction in passenger numbers and was on the brink of bankruptcy.

A file photo of a Norwegian Air Shuttle plane in Finland.
A file photo of a Norwegian Air Shuttle plane in Finland. Heikki Saukkomaa / Lehtikuva / AFP

Low cost airline Norwegian has registered a loss of 14.9 billion Norwegian kroner for 2020, a year in which the company saw a drastic reduction in passenger numbers and was on the brink of bankruptcy.

The company published its annual results on Friday, revealing the huge operating loss.

Norwegian’s 2019 result, a loss of around 1.7 billion kroner, had put the company in a difficult position even prior to the outbreak of the Covid-19 pandemic.

The coronavirus outbreak and its consequent travel restrictions reduced the company’s passenger numbers to 6.9 million in 2020. That is 29 million fewer than in 2019.

Not all of the loss is due to fewer passengers. Around half of the company’s devaluation is attributed to a depreciation of the value of its aircraft fleet, news wire Ritzau reports.

“2020 was an exceptionally demanding year for air travel and for Norwegian,” CEO Jacob Schram said in a statement on the annual results.

“In light of that, the result for the fourth quarter (of 2020) is not surprising. Unfortunately, the majority of our employees are furloughed and many have lost their jobs – in part because of the closure of long distance services,” he added.

The company was already in debt prior to the pandemic and is now under bankruptcy protection in Ireland and is undergoing similar process in Norway.

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