Atlantic Airways P/F - Fyrirtækjafréttir

- Atlantic Airways sells Bell 212 helicopter to Air Greenland

Atlantic Airways Stock Exchange Announcement 29/2008

Atlantic Airways sells Bell 212 helicopter to Air Greenland  

Atlantic Airways has agreed to sell a Bell 212 helicopter to Air Greenland. The
sale of the Bell 212 is a part of the fleet renewal programme decided by the
Board. The Bell 212 helicopter manufactured in 1975 has mainly operated a
domestic helicopter service in Faroe Islands, but a more modern Bell 412
helicopters will now perform this service. The Bell 212 helicopter was on a wet
lease contract in Greenland during last summer season and has now been sold to
Air Greenland which operates a fleet of Bell 212 helicopters. 

This sale will have a positive impact on cash flow, but the agreement will not
change the expected result for the full year 2008. 

CEO Magni Arge comments: “We are moving forward to a more modern fleet of
helicopters. From our base in Faroe Islands we now operate two Bell 412
helicopters - one as a primary SAR helicopter and the second as a primary
utility/off shore unit. Both can provide back up for each other. The newest
helicopter is the AW 139 which services the oil and gas industry from Den
Helder in Holland.” 

Atlantic Airways was established in 1987 and has grown steadily since then.
Operations started cautiously in March 1988, with a single aircraft and just
one route, between the Faroe Islands and Copenhagen. Atlantic Airways has
gradually expanded and established new income streams, ensuring the company a
stable economic base. The main activity consists of scheduled service with 
Faroes as a cornerstone, charter operations in Europe and helicopter operations
in Faroese and North Sea waters. Atlantic Airways currently operates seven jet
aircrafts and three medium size helicopters. 

For further information contact:
Magni Arge, CEO, tel +298 213700- magni@atlantic.fo
Marius Davidsen, CFO, +298 213703 - marius@atlantic.fo

Attachments:

stock-exchange-announement 29-2008.pdf