Norwegian Air Shuttle AS sells USD hedge contract

Nordic Business Report, Oct 17, 2008

NORDIC BUSINESS REPORT-17 October 2008-Norwegian Air Shuttle AS sells USD hedge contract(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Low-fare airline Norwegian Air Shuttle AS (Norwegian) (OSE: NAS) said on Friday (17 October) that it had entered in August 2007 into a purchase agreement with The Boeing Company for the acquisition of 42 Boeing 737-800 HGW aircraft.

To reduce the exposure to foreign exchange rate risk, the company at the same time entered into a hedge contract securing approximately 39% of the contract value.

The company has now sold the USD hedge contracts resulting in a positive cash effect of approximately NOK324m. Norwegian Air Shuttle AS is a low-fare airline registered on the Oslo Stock Exchange. It employs some 620 people and operates a total of 82 routes, 10 domestic and 72 international, with a fleet of 20 Boeing 737-300 aircraft.

One British pound (GBP) is worth approximately 11.34 Norwegian kroner (NOK).

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