Norwegian Group remains interested in the B737-10, despite recently opting to order more B737-8s instead of converting to the larger variant. CEO Geir Karlsen said during a quarterly earnings presentation that the carrier aimed to maintain a roughly 50/50 balance between owned and leased aircraft.

He said the group remained open to additional aircraft sale-and-leaseback transactions, but current market pricing is unattractive. "If the price is right, definitely. Right now, the price is too high," he quipped.

Norwegian Group - the parent company of operators Norwegian Air Shuttle AOC, Norwegian Air Sweden AOC, and Widerøe, and affiliated subsidiaries - recently exercised its option for 30 additional B737-8s, bringing the total firm order of the type to 80, which will be delivered until 2031. "We have done some small amendments to the delivery schedule for these 80 aircraft, aligning it with the growth path we would like to have, and aligning it better with the redeliveries that we have of part of the current fleet that are leased," Karlsen explained.

Karlsen said the airline opted to take B737 MAX 8s for its recently exercised options due to the ongoing certification delays affecting the larger type. However, he suggested that Norwegian Group could revisit that decision and convert some of the MAX 8 orders to MAX 10s once certification timelines become clearer.

He confirmed that of the first 25 aircraft to be delivered, about half will be owned. "It also depends on the leasing market, obviously, and you know, the cost of finance. The general plan is to have approximately 50% of the fleet owned."

He commended Boeing's production line improvements having resulted in the delivery of twelve B737-8s this year, with a thirtienth unit to be delivered within days. "It is really nice to see that the production line at Boeing is working well these days, and that is also what we expect for the months and years to come."

Karlsen said Norwegian Group also used the third quarter to buy back three previously leased aircraft it is currently operating, booking a one-time gain of about NOK270 million kroner (USD27 million) in the third quarter. This forms part of its ongoing strategy to own more aircraft and reduce exposure to costly leases. Including the three aircraft, the airline group has purchased 14 aircraft this year, increasing its owned fleet to 17 aircraft, according to CFO Hans-Jørgen Wibstad.

"We have decided to go for the MAX 8 for the options because the MAX 10 is not yet certified; [and] we don't really know when it's going to be certified. And before the MAX 10 is going to be certified, the MAX 7 needs to be certified. So, for now, we have chosen the MAX 8, but depending on how things develop with the MAX 10, we can always revisit that decision and potentially convert some of the MAX 8 into MAX 10s. It remains to be seen," he explained.

Karlsen highlighted that Norwegian Group exited the COVID-19 pandemic with 51 aircraft. "We have grown the fleet, taking it into the next summer to 95 aircraft; as such, we have close to doubled the fleet, and we have done that in a profitable way." However, fleet growth over the coming years would average a moderate 4–5%, focused mainly on a fleet renewal rather than aggressive growth, he said. "We are now building the B737 MAX fleet and we are going to reduce the older aircraft, the B737NGs," he added.

With a significant portion of the fleet leased, he said the group would retain flexibility to return or extend leases, allowing fleet growth to align with market conditions.

According to ch-aviation fleet data, Norwegian Group currently leases thirty-four B737-8s, including six operated by Norwegian Air Shuttle AOC and 34 by the Swedish AOC. Lessors include Air Lease Corporation, AerCap, CCB Financial Leasing, Jackson Square Aviation, DAE Capital, and ORIX Aviation. The carriers also operate sixty-one B737-800s.