Norwegian (DY, Oslo Gardermoen) says its Arctic Aviation Assets unit has reached agreements with each of Airbus and Boeing over the deferment of a total of sixteen aircraft in total.

According to an Oslo bourse disclosure, Arctic Aviation Assets signed an agreement with Boeing for the postponement of twelve B737-8s, due to have arrived from 2020, to 2023 and 2024. The deferral is expected to reduce Norwegian’s capital expenditure commitments related to pre-delivery payments in 2019. Capital expenditure for 2020 will also be "significantly" reduced it said.

Arctic Aviation Assets also signed an agreement with Airbus to delay the delivery of four A321neo(LR) from 2019 to 2020. As with the Boeing deal, this postponement is expected to also reduce Norwegian’s capital expenditure commitments in 2019.

Earlier this week, AAA announced it had signed an agreement for the sale of two A320neo that are currently leased out to a third party. Norwegian said the transaction would boost its liquidity by USD26 million. Sale proceeds will be used to repay debt and to increase the Company´s liquidity.

The Scandinavian low-cost carrier is currently in the midst of a cost-cutting drive, dubbed Focus2019, which aims to generate savings of at least NOK2 billion kroner (USD229 million) in 2019.

"The postponements are in line with the Company’s strategy of capitalizing on the scale built up over the last few years and the changed focus from growth to profitability," it added.