Norse Atlantic Secures PIA Wet-Lease Deal: More ACMI Agreements Expected
Norse Atlantic Airways has agreed a wet-lease deal with Pakistan International Airlines involving two Boeing 787-9 Dreamliners, with operations expected to begin as early as November 2026.
By The Aviation Hub
4 min read
Norse Atlantic Airways has secured a wet-lease agreement with Pakistan International Airlines (PIA), placing two Boeing 787-9 Dreamliners with the Pakistani carrier for flights between Pakistan and the United Kingdom, with operations expected to begin as early as November 2026.
The deal is a meaningful development for a carrier that has spent much of this year scrambling to replace lost business and weigh up its strategic options, including a possible sale or merger.
What the Norse Atlantic ACMI Deal Covers
Under the agreement, Norse Atlantic will supply two Boeing 787-9 aircraft together with crews, maintenance and insurance, the full package known in the industry as ACMI. Aviation A2Z reports that neither airline has disclosed the specific routes, flight schedules or financial terms of the contract.
PIA will operate the aircraft on its own commercial network, connecting Pakistan with the UK. The arrangement gives PIA additional widebody capacity without the carrier having to source and operate aircraft independently.
For Norse Atlantic, the contract generates revenue from aircraft that might otherwise sit idle following the collapse of its previous ACMI arrangement.
Why Norse Atlantic Needs This
Norse Atlantic launched as a low-cost long-haul carrier, connecting European cities including Oslo and London Gatwick with destinations in North America. The airline has struggled to build a sustainable scheduled network in that intensely competitive market, and more recently turned its attention to wet-lease opportunities.
Its most significant ACMI contract was with Indian carrier IndiGo, which had taken two Boeing 787 Dreamliners to support a planned long-haul expansion into Europe. That deal unravelled in July 2026 when, as Paddle Your Own Kanoo notes, IndiGo cited "continued geopolitical challenges affecting the airline industry and long-haul operations between India and Europe."
The loss of the IndiGo contract left Norse Atlantic looking for replacement business while also examining the possibility of a sale, merger or partnership.
PIA's Return to UK Skies
For PIA, the Norse Atlantic aircraft arrive at a significant moment. The airline was banned from UK airspace in 2020 following revelations that some Pakistani pilots held improperly obtained qualifications, raising serious concerns about the country's aviation oversight system. Aviation A2Z reports that the UK lifted the ban in late 2024, restoring an important international market for the carrier.
Operating long-haul services to the UK requires suitable widebody aircraft. The Norse Atlantic Boeing 787-9s provide that capacity while PIA rebuilds its presence on the route.
What Norse Atlantic's Chief Executive Said
Eivind Roald, who became chief executive after founder Bjorn Tore Larsen left the position in late 2025, has framed ACMI and charter work as central to the airline's strategy. "Charter and ACMI agreements are integral to our balanced business model, enabling us to capture attractive capacity opportunities worldwide with a clear focus on utilization, predictable cash flows and long-term value creation," Roald said, as quoted by Paddle Your Own Kanoo.
Norse Atlantic added in its statement: "Buoyed by the momentum of this PIA partnership, Norse is currently in active discussions with other leading international airlines regarding potential additional ACMI agreements and will provide further information as these exciting opportunities materialize."
The airline has not named the prospective partners or indicated how many aircraft could be involved.
More Deals Could Follow
Aviation A2Z notes that the scale and timing of any further ACMI expansion will depend on negotiations and the availability of suitable aircraft. Profitability from such contracts still depends on the terms agreed and the underlying operating costs.
What the PIA deal does show is that there is demand for Norse Atlantic's Boeing 787-9 fleet in the ACMI market, and the airline appears to be pursuing that avenue with renewed intent. Whether additional contracts materialise will go a long way to determining whether wet-leasing can become a durable pillar of the business.
You can explore Norse Atlantic's routes and fleet details using our Airline Search tool.
The Bottom Line
The PIA wet-lease agreement gives Norse Atlantic a concrete piece of revenue-generating business after a difficult period, and the airline is openly signalling that more deals are in the pipeline. For PIA, it supplies the widebody capacity needed to consolidate its return to UK routes following years of restricted access.
Both sides have reasons to make this work. Whether Norse Atlantic can convert its current momentum into a broader ACMI portfolio remains the key question for the carrier's future.
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