Arctic Aviation Assets Ltd (AAA), Norwegian Air Shuttle's wholly-owned leasing subsidiary, says it has signed a Letter of Intent (LOI) to lease twelve A320neo aircraft to an undisclosed airline. The jets will be delivered from 2016 through to 2018 it said in an Oslo stock exchange filing.

Incorporated in Ireland in August 2013, Arctic Aviation Assets Ltd administers Norwegian Air Shuttle's aircraft assets, which includes purchase rights to a total of 372 Airbus (AIB, Toulouse Blagnac) and Boeing (BOE, Washington National) aircraft wherein 222 are firm orders.

AAA will take delivery of all future deliveries of aircraft and as such, Norwegian Air Shuttle, as an operator, will obtain aircraft from its subsidiary on operating leases.