Norwegian’s joint venture with China Leasing will ‘significantly reduce’ expenditure, CEO Karlsen says

Norwegian has said that its joint venture with China Leasing International Corporation DAC (CCBLI) will aim to strengthen its financials considerably. Initially, the joint venture will comprise of 27 Airbus A320neo aircraft to be delivered from 2020 to 2023. CCBLI, a 100% owned subsidiary of China Construction Bank Corporation, will also provide aircraft financing for aircraft within the joint venture. Under the joint venture terms, CCBLI will be the majority owner with a 70% share, with Norwegian, through its wholly-owned subsidiary Arctic Aviation Assets DAC, holding the remaining 30%.Norwegian has said that in addition to a positive equity effect, the