Norse Atlantic to Provide PIA With Two Boeing 787-9 Dreamliners

Norse Atlantic Found a Home for Two Dreamliners IndiGo Is Handing Back, in the Fleet of an Airline That Has Never Flown One

Norse Atlantic Airways said on October 9, 2026 that it will provide Pakistan International Airlines with two Boeing 787-9 Dreamliners under an ACMI agreement (aircraft, crew, maintenance and insurance), with operations on UK–Pakistan routes due to start in November. PIA says they will be the first Dreamliners to operate in Pakistan. The two airlines need very different things from the deal. PIA gets long-haul capacity without having to operate the aircraft. Norse keeps a key contract alive after India’s IndiGo announced in July that it would end its wet-lease arrangement with the Norwegian carrier.

A Swap That Replaces One Contract With Another, but Only Partly

IndiGo’s arrangement was meant to support its expansion into long-haul services between India and Europe, and it ends this month. Aviation Week describes the PIA agreement as partially restoring the revenue lost when the IndiGo contract ends, which is a more cautious reading than Norse’s own framing of a clean redeployment. Norse CEO Eivind Roald said the airline has been working to redeploy capacity through new ACMI opportunities and is now executing that strategy. Norse says it is in talks with other airlines about further ACMI agreements.

Why Norse Is Selling Crew and Aircraft Instead of Seats

Norse was founded in 2021 as a low-cost transatlantic Dreamliner operator. Reuters reports that, faced with soaring jet fuel costs, it has been cutting its exposure to low-cost transatlantic services and leaning on ACMI, where it leases aircraft and crews to other airlines for a fee. The company says long-term ACMI agreements with major international airlines shield it from swings in passenger demand and fuel prices. It also began a formal process in July to explore a sale or merger, so these contracts support the balance sheet while buyers assess the business. It operates 12 Boeing 787s.

One detail deserves caution. PIA’s board reportedly approved the Norse aircraft on a six-month wet lease at a September 23 meeting, according to one Pakistani outlet. If that term is right, the contract is much shorter than the “long-term” ACMI agreements Norse describes as its protection against volatility. The announcements I reviewed do not state the duration, so treat it as reported rather than confirmed.

Why PIA Is Renting Capacity It Cannot Yet Operate Itself

PIA is rebuilding. An Arif Habib-led consortium took a 75% stake in December 2025 and management control in June 2026. Air Data News reports that around half of PIA’s aircraft are listed as inactive, and a US Commerce Department market report cites a government business plan to grow the fleet from 18 operational aircraft to 38 by 2029. PIA has also been rebuilding access to its key markets: EASA lifted its suspension in November 2024, flights to Paris resumed in January 2025, and Heathrow flights resumed in March 2026.

A wet lease is the fastest route to long-haul capacity for an airline in that position. PIA does not have to train crews on a new type or set up 787 maintenance before it can fly the route. The aircraft, pilots and insurance arrive as a package. The trade-off, as a general rule across the industry, is cost: ACMI usually costs more per flying hour than a dry lease because it bundles services the lessee would otherwise provide itself. PIA’s own board seems to recognise this, since the same September meeting reportedly approved three further aircraft on dry leases alongside the two Norse jets.

Where the Longer-Term Fleet Plan Points

Pakistan’s commerce ministry has discussed aircraft leasing and fleet modernisation with the British High Commissioner in Islamabad, including Airbus aircraft and Rolls-Royce engines, and PIA has expressed interest in Boeing aircraft, particularly the 787. A PIA spokesman described the Dreamliner arrival as the beginning of the airline’s fleet expansion. A reported increase in London flights from four to seven weekly from October 27 has not been confirmed in PIA’s published timetable, so it should not be treated as settled.

A Pattern Across the Year’s ACMI Stories

This deal fits a theme this feed has covered repeatedly. Oman Air chose partner capacity over ownership to rebuild freighter operations, airBaltic’s restructuring plan leans on year-round ACMI flying, and Uganda Airlines found that wet-leasing Ethiopian Airlines aircraft cost less than operating its own A330s. ACMI is becoming the flexible layer between airlines with spare capacity and airlines that need it quickly, and the PIA deal shows both sides of that market in one transaction: a distressed lessor monetising aircraft, and a rebuilding carrier buying speed.

What to Watch

Three things will show whether this deal is a bridge or a foundation. The first is the contract term, since a six-month lease would make it a stopgap for Norse rather than a long-term earner. The second is the outcome of Norse’s sale or merger process, which affects who ends up supplying the aircraft. The third is whether PIA converts this wet lease into its own long-term fleet through the dry leases and the Airbus and Boeing discussions now under way. For now, the arrangement gives each airline what it urgently needs: PIA gets Dreamliners on UK routes in weeks, and Norse gets two aircraft earning again.