Norwegian Air Shuttle ASA - NWARF stock
OTC Symbol: NWARF | OTC Tier: Pink Limited | Related ticker symbols: OSL: NAS
Description[edit]
Norwegian Air Shuttle ASA, along with its affiliated companies, offers air transport services both within Norway and globally, focusing on short-distance direct domestic and international flights, while also engaging in aircraft financing, leasing, ownership ventures, and cargo operations, utilizing a fleet of 70 aircraft. Established in 1993, the company is headquartered in Fornebu, Norway.[1]
History[edit]
Norwegian Air Shuttle ASA, commonly known as Norwegian, has its origins in the early 1990s. It was founded in January 1993 by Bjørn Kjos, a former fighter pilot and lawyer, along with a group of investors. Initially, the company operated as a regional airline under the name "Norwegian Air Shuttle" and provided flights between small airports in western Norway.[2]
In the beginning, Norwegian focused on serving domestic routes in Norway, but it quickly expanded its services to include international destinations. The airline adopted a low-cost business model, similar to that of successful low-cost carriers like Southwest Airlines and Ryanair. This approach allowed Norwegian to offer affordable fares to customers and gain a competitive edge in the aviation market.[2]
As the airline gained popularity and increased its route network, it underwent several rebranding efforts. In 2002, it changed its name to "Norwegian," and in the years that followed, it continued to expand its presence in Europe and other continents.[3]
Norwegian's aggressive expansion and focus on affordable long-haul flights between Europe and the United States further solidified its position as one of the leading low-cost carriers globally. The airline gained recognition for its colorful livery and modern fleet, which included Boeing 737 and Boeing 787 Dreamliner aircraft.[2]
However, Norwegian faced significant financial challenges and debt issues as a result of its rapid expansion. Despite its popularity and success in attracting customers, the company struggled with profitability. In 2020, Norwegian Air Shuttle ASA filed for bankruptcy protection in Ireland and Norway, leading to restructuring efforts to reduce its debt burden and streamline operations.[3]
- ↑ Yahoo Finance. NWARF Stock Profile. Retrieved on 11/26/2023.
- ↑ 2.0 2.1 2.2 norwegian.com. About, Our Story. Retrieved on 11/26/2023.
- ↑ 3.0 3.1 Wikipedia. Norwegian Air Shuttle. Retrieved on 11/26/2023.
