OSLO: Norwegian Air has agreed to buy 50 Boeing 737 MAX aircraft and has secured options to acquire a further 30 planes, the budget carrier said on Monday.

The deal marks a return to aircraft ownership for Norwegian after the company was forced to resort to leasing deals following bankruptcy proceedings that rescued the company last year.

“The 50 aircraft are due to be delivered between 2025 and 2028, at a schedule closely corresponding to current aircraft lease expirations.

This entails a limited net increase of the company’s current fleet,“ Norwegian said in a statement. As a result of the agreements, the airline expects to book a net gain of approximately 2 billion crowns ($212.2 million), boosting its equity.

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“This is a landmark deal that sets out a path whereby Norwegian will own a large share of its fleet,” board Chair Svein Harald Oeygard said.

“This will result in lower all-in costs and increased financial robustness, enabling us to further solidify our Nordic stronghold.”