Norse Atlantic Airways (N0, Oslo Gardermoen) has started a formal process that may result in “a sale, merger or partnership,” the company said in a press release, linking the "strategic" news to an update on losing its damp-lease agreement with IndiGo Airlines as of November 2026.

The carrier added that the board had decided to approve a formal sale or partnership hunt after it noted "interest received to date" during its ongoing strategic review.

The situation in the Middle East prompted IndiGo to reconsider the entire damp-lease agreement with Norse Atlantic, which is now expected to end as of November 1. Earlier, IndiGo said it would give up on one of the damp-leased aircraft after it opted to suspend all services to Manchester as of August 31, prompted by the geopolitical situation in the Gulf.

Norse Atlantic currently operates six B787-9s for the Indian carrier. Its fleet comprises eight aircraft of the type placed on its Norwegian AOC and another four with Norse Atlantic (United Kingdom) (Z0, London Gatwick).

"We are grateful for the strong cooperation we have had with IndiGo over the past 18 months. It has been a valuable experience for Norse Atlantic. However, there is no doubt that the elevated fuel prices, airspace disruptions, and longer flight routes resulting from the Middle East conflict have affected the commercial viability of the arrangement for both parties. We have therefore jointly concluded that alternative deployment of the aircraft will be more commercially beneficial to both parties," said Norse Atlantic CEO Eivind Roald.

While on the lookout for a buyer or investor, Norse Atlantic Airways is searching for ACMI contracts for up to five B787-9s. It aims to use part of the returning fleet to increase frequencies on "selected profitable routes during the upcoming winter season", such as to New York JFK and Orlando International (operated from its UK AOC).

Norse Atlantic appointed sales advisors in May, hoping for a valuation of around USD1.2 billion, reports said at the time.