Norse Atlantic lands lease deal with Pakistan's PIA

Norse Atlantic Airways has signed a lease deal with Pakistan International Airlines (PIA) for two Boeing 787-9 Dreamliners, the Norwegian carrier said on Friday. The agreement is part of efforts to strengthen Norse’s finances after IndiGo, India’s largest airline, said in July it would end its wet-lease arrangement with the group. Norse has been dealing with soaring jet fuel costs and has been reducing its exposure to low-cost transatlantic services while increasing reliance on ACMI arrangements, under which it leases aircraft and crews to other airlines for a fee. The new PIA deal helps Norse retain a key ACMI contract. Reporting was by Gianluca Lo Nostro, edited by Izabela Niemiec.