The airline said it may also need more capital investment after posting net losses of £71.6 million in the six months to 30 June 2024 on Wednesday (28 August), including a second quarter deficit of £24.1million.
During the six months, its first half, Norse achieved a load factor of 79% and average fares of £212, with another £61 in ancillary sales per passenger.
The carrier warned in July that increased competition was affecting revenue, which had fallen by 11% year-on-year following “lower than expected fare levels”.
Norse flies transatlantic routes from Gatwick and from its base at Oslo. Founder and major shareholder Bjorn Tore Larsen said it was planned to join a GDS this year, “significantly increasing” its consumer reach.
However, he added the airline’s cheapest tickets “will always be on our website”.
Three Boeing 787-8 aircraft will be sub-leased, leaving it with 12 Boeing 787-9s in its main fleet.
The airline said: “Norse is currently in negotiations with several airlines regarding multi-year contracts for fleet allocation. Such business plan may also imply significant cost reductions.”
The fleet reshuffle will mean changes to routes and frequencies, it said. “Under such a scenario, the company’s own scheduled network will be carefully examined and further refined.”
This, it said, meant “focussing on our most mature and profitable routes in a more down-sized network during summer as well as during winter”.
’Revised business plan’
Norse shares are now worth less than a tenth of what they were a year ago, trading at around 16 pence. The airline has no fuel hedging in place.
The carrier said: “The company may be reliant on securing more financing through debt or equity, or a combination of the two, for it to be able to execute on its revised business plan.
“The size of the capital need would be dependent on the details of the revised business plan, the financial outcome of the remainder of the summer season, as well as development in expectations on the future development of market risks such as general demand and jet fuel prices.”
