Atlantic Airways P/F - Fyrirtækjafréttir

Statement regarding the privatisation of Atlantic Airways

Atlantic Airways Stock Exchange Announcement 7/2011

                                                                18. oktober 2011



The Minister of Industry Mr. Johan Dahl stipulated in a debate in The Faroese
Broadcasting yesterday that The Faroese Government had decided to buy back the
private shares in Atlantic Airways Ltd. 

Atlantic Airways has subsequently asked the Minister to clarify his statement.

Johan Dahl, the Faroese Minister of Industry and Trade, states that Føroya
Landsstýri (The Faroese Government) has not decided upon buying back the
privately held shares in Atlantic Airways. The Government however wants to
clarify how a possible buy back of the privately held shares in Atlantic
Airways can materialise in a controlled way if the government should decide to
do so. 

The full version of the press release from the Minister of Industry can be
found on the website www.vmr.fo. 

Atlantic Airways currently operates three BAE Avro RJ aircraft and one BAE 146
as well as two helicopters. The Faroe Island based carrier is focusing on
servicing the Faroe Islands with air services, but provides also capacity for
operations outside the Faroe Islands. 

For further information contact:

Bjarni Askham Bjarnason, chairman, tel +298 502085 -
bjarni.askham.bjarnason@gmail.com