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NORWEGIAN AIR SHUTTLE ASA Result announcement for the three - month period ended on 31 March 2021 norwegian 29 April 2021 Norwegian Air Shuttle ASA reports on its consolidated pre - tax results for the three - month period that ended on 31 March 2021. The Company is currently in an examinership process in Ireland and a reconstruction process in Norway . As a part of this process , the Company decided to substantially reduce its short - haul operation and discontinuation of the Company's long - haul operation . The Company is planning to obtain necessary additional working capital and equity through share offerings including the Rights Issue , private placement ( s ) and the offering of a New Capital Perpetual Bond , aiming to raise gross proceeds of minimum NOK 4,500 million up to NOK 6,000 million . Such offerings are expected to take place during the second quarter of 2021 and the examinership and reconstruction processes are expected to be concluded at the same time . As expected , the results were still heavily impacted by COVID - 19 and travel restrictions in all markets . The examinership process in Ireland and the reconstruction process in Norway initiated in the fourth quarter of 2020 , are on track and the Company remains hopeful that the process will succeed . Assuming completion of the Examinership and Reconstruction processes , the Company expect the financial effects to be booked / effective in the second quarter 2021 . From December 2020 , and due to the continuous travel restrictions , Norwegian has been operating a fleet of around 9 aircraft focused on a core short - haul network serving predominantly Norway domestic routes . Once travel restrictions lift , Norwegian plans to ramp - up operations to a peak of around 50 short - haul aircraft in 2021 and around 70 short - haul aircraft in 2022. Norwegian's long- haul operations will not resume . It is not expected that demand for short - haul travel in Europe will return to 2019 levels before 2023 or 2024 and so Norwegian will deploy capacity back into the market at a pace that matches this . When conditions normalise , Norwegian will serve its four core source markets of Norway , Denmark , Sweden and Finland with a balance of intra - Nordic and domestic routes and routes to key cities and popular leisure destinations across Europe . " The impact on our business as a result of international travel restrictions , that have continued throughout this quarter , are as expected . However , during this difficult period Norwegian has continued to reach a number of milestones that will secure our future and ensure that the airline remains a key competitor in the European market . As European vaccination programs gain momentum and travel restrictions begin to ease , a new Norwegian , with a solid financial foundation , will be ready for our customers as they look to once again take to the skies , " said CEO Jacob Schram . 1