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Jacob Schram

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Jacob Schram
Born1962
NationalityNorwegian
EducationCopenhagen Business School (MSc, Economics)
OccupationBusiness executive
CompanyNorwegian Air Shuttle
TitleChief Executive Officer of Norwegian Air Shuttle (2020 to 2021)

Jacob Schram (born 1962) is a Norwegian business executive who was chief executive officer of the low-cost airline Norwegian Air Shuttle from January 1, 2020 to June 21, 2021. He led the airline through the COVID-19 pandemic, a period in which it grounded most of its fleet, furloughed about 90 percent of its staff, converted billions of kroner of debt into equity and went through court-supervised restructuring in Ireland and Norway. The board removed him from the post in June 2021, shortly after the reconstruction was completed, and replaced him with the chief financial officer, Geir Karlsen.[1][2]

Before moving into aviation, Schram spent more than two decades in fuel and convenience retailing. He joined Statoil in 1996 and ran its Norwegian retail business and later its European retail operations. In 2010 he became chief executive of Statoil Fuel & Retail, the fuel retailing business that Statoil separated and listed on the Oslo Stock Exchange that October. After the Canadian convenience store group Alimentation Couche-Tard bought Statoil Fuel & Retail in 2012, Schram served as Couche-Tard's group president for Europe until 2018, and in that role led the rebranding of the group's stations and stores to the Circle K name.[3][4]

Earlier in his career Schram worked as a consultant and project manager at McKinsey & Company in Copenhagen and as head of marketing and public relations for McDonald's Norway. He holds a master's degree in economics from Copenhagen Business School. He is the author of the book The Essence of Business (2017), and in 2017 the National Association of Convenience Stores (NACS) named him its European Industry Leader of the Year.[3][4]

Since October 2022 Schram has been a non-executive director of the Spanish energy company Moeve (formerly Cepsa), and he remains listed on its board as of October 2026.[5]

Early life and education

Schram was born in 1962.[6] He is a Norwegian citizen.[1] He studied in Denmark and earned a Master of Science in economics from Handelshøjskolen i København, the Copenhagen Business School.[3][6] No reliable source found for this article describes his family background or upbringing.

Career

McKinsey and McDonald's

After his studies Schram worked at the management consultancy McKinsey & Company in Copenhagen, where he was a consultant and project manager. He then moved to McDonald's Norway AS as head of marketing and public relations.[3] The sources consulted do not give exact dates for either job. Both positions came before he joined Statoil in 1996.

Statoil, 1996 to 2010

Schram joined the Norwegian state oil company Statoil in 1996 and held several management posts in its downstream business. He was country manager of Statoil Retail Norway from 1999 to 2004, which put him in charge of the company's service station network in its home market. From 2004 to 2006 he was senior vice president for Statoil Retail Europe, and from 2006 he was senior vice president for Statoil Energy & Retail Europe. While at Statoil he also sat on boards inside the group and at outside companies, including the car dealer Møller Bil and the home furnishings chain KID Interiør.[3]

Statoil Fuel & Retail, 2010 to 2012

In 2010 Statoil decided to separate its fuel and convenience retailing business into a stand-alone company, Statoil Fuel & Retail ASA, and list it on the Oslo Stock Exchange. Schram joined the new company as chief executive officer in May 2010.[3] The Oslo Børs board approved the listing on September 29, 2010.[7] When the initial public offering opened on October 7, 2010, Schram said the company served "approximately one million customers every day across eight countries".[8] On the first day of the offer, Schram applied for NOK 1 million of shares. That was the largest application from any member of the executive committee, matched only by the chief financial officer, Klaus-Anders Nysteen.[9]

The bookbuilding closed on October 21, 2010. Statoil sold 120 million shares, or 40 percent of the company, at NOK 39 each, raising gross proceeds of NOK 4.68 billion before the over-allotment option and valuing Statoil Fuel & Retail at NOK 11.7 billion. Trading began on October 22, 2010, and Statoil kept a 60 percent stake. Schram said the company's aim was "to further enhance our focus on the fuel retailing business, with improved strategic and operational flexibility to deliver value to all of our stakeholders".[10]

The company Schram led ran about 2,300 full-service and automated stations across Scandinavia, Poland, the Baltic states and Russia. It also supplied aviation fuel at 85 airports and sold lubricants, marine fuel and stationary energy. Including staff at Statoil-branded franchise stations, about 17,000 people worked at its sites, and another 2,400 at its headquarters, terminals and depots.[11]

At the company's capital markets day on November 29, 2011, Schram said that, as a company listed separately from Statoil ASA, it was "entirely focused on the downstream customer business opportunity". He listed its progress as optimising the fuel value chain, strengthening the brand, developing its convenience offering and controlling costs. Among the strategic objectives presented that day were creating "a culture of simplification, lean operations and cost efficiency" and becoming a leading European retailer in sales.[12]

The company's second year as a listed business was harder. For 2011 it reported adjusted EBITDA of NOK 3,021 million, down from NOK 3,393 million in 2010, and a return on capital employed of 10.7 percent after tax. Schram described 2011 as "a challenging year for our industry, serving up everything from high refined oil prices to intensified competition in some of our most important growth markets". The company said fuel margins were depressed in Central and Eastern Europe while fuel volumes in Scandinavia stayed level with 2010.[13]

On April 18, 2012, Alimentation Couche-Tard announced a recommended cash offer for all the shares of Statoil Fuel & Retail. The offer of NOK 53 per share valued the company's share capital at NOK 15.9 billion, about US$2.8 billion, and was a 52.5 percent premium to the closing price on April 17, 2012. Statoil, which then held 54 percent of the shares, undertook to accept.[14] Schram backed the bid, saying: "Couche-Tard represents a good strategic and operational match for Statoil Fuel & Retail. We both represent strong customer-oriented cultures." He pointed to Couche-Tard's "decentralised operating model and a track record of reinvesting in its businesses".[14] By June 19, 2012, Couche-Tard owned 81.20 percent of the shares.[15] July 12, 2012, was the last day the shares were listed on the Oslo Stock Exchange.[16]

Alimentation Couche-Tard and Circle K, 2012 to 2018

Schram took up his post as Couche-Tard's group president for European operations in June 2012.[4] In 2015, as group president, he announced that the group had agreed to buy A/S Dansk Shell's retail, commercial fuels and aviation businesses in Denmark, which included 315 retail sites and an aviation fuel operation at seven Danish airports. Schram called the deal "a great addition to our network in Scandinavia" and "an excellent strategic fit for our business". Couche-Tard's chief executive, Brian Hannasch, said that when it bought Statoil Fuel & Retail in 2012 the group had declared that the business would be "our platform for growth in Europe".[17]

The project most closely tied to Schram at Couche-Tard was the move to a single global brand. The group replaced the Statoil, Mac's and Kangaroo Express names, along with older Circle K branding, with a refreshed Circle K identity on stores and service stations in Canada, the United States, Scandinavia and Central and Eastern Europe.[4] Norwegian Air Shuttle later said Schram had "initiated and led the global rebranding to Circle K at more than 10 000 stores across Couche-Tard's international network and service stations".[1] In June 2017 Schram said the rebranding of all the group's stations would be finished by 2018. By then about 1,100 European stations had been converted, most of them previously Statoil-branded. He argued that "although widely respected, the Statoil brand was not very well positioned for the future. Circle K better emphasizes our new focus on convenience", and said converted stations were "showing better results". He said the Irish stations of Topaz, which Couche-Tard had recently acquired, would follow later because of a premium fuel launch already under way there.[18]

The rebranding earned Schram the 2017 NACS Insight European Industry Leader of the Year award, which he received in London on June 14, 2017. He gave the credit to "a collective team effort", saying: "Together we have managed to handle an extensive global rebranding process without losing our identity or our customers."[4] He stepped down from Couche-Tard in 2018.[1]

Advisory work, 2018 to 2019

After leaving Couche-Tard, Schram spent about a year on private investments, start-ups and talks based on his book and on the theme "Future mobility 2030". He also returned to McKinsey as a senior advisor.[1] Reuters described him at the time of his airline appointment as joining "from being an advisor at McKinsey".[19]

Norwegian Air Shuttle, 2020 to 2021

Appointment

Norwegian's founder and long-time chief executive, Bjørn Kjos, stepped down in July 2019, and the chief financial officer, Geir Karlsen, ran the airline as acting CEO.[19] On November 20, 2019, the board named Schram chief executive from January 1, 2020, with Karlsen continuing as CFO and deputy CEO. The chairman, Niels Smedegaard, said the choice followed "a thorough search process". Schram said his "main focus will be to bring the company back to profitability and fortify the company's position as a strong international player within the aviation industry".[1] Reuters described Norwegian at the time as "loss-making" and said Schram would "take charge of the budget carrier's ongoing restructuring".[19] Several trade publications noted that Schram had no airline experience. The French site Air Journal called it a surprise appointment of a CEO "sans expérience dans l'aérien" (without experience in aviation), and the British Travel Weekly headlined its report "Industry outsider takes helm at Norwegian Air".[20][21]

Schram took over an airline that had just posted a net loss of NOK 1,609 million for 2019. Its results had been held back by the worldwide grounding of the Boeing 737 MAX and by problems with the Rolls-Royce engines on its Boeing 787s.[22] The company later reported that in January and February 2020 it had higher unit revenue, record punctuality and a higher load factor, and that "the strategy of moving from growth to profitability had gathered pace". It withdrew that positive guidance when the pandemic arrived.[6]

COVID-19 and grounding

On March 10, 2020, Norwegian said it would cancel about 3,000 flights between mid-March and mid-June because of falling demand. Schram called on governments "to immediately implement measures to imminently reduce the financial burden on the airlines in order to protect crucial infrastructure and jobs".[23] Six days later the airline said it would cancel 85 percent of its flights and temporarily lay off more than 7,300 employees, about 90 percent of its workforce. "It is indeed with a heavy heart we have to temporarily lay off more than 7,300 of our colleagues, but we unfortunately have no choice," Schram said, adding that the layoffs were temporary and that his goal was "to keep as many of our dedicated colleagues as possible".[24]

On March 19, 2020, the Norwegian government proposed a NOK 6 billion loan guarantee package for the country's airlines, of which up to NOK 3 billion was set aside for Norwegian.[25] On March 24 the airline said two Nordic banks had agreed to provide the 10 percent bank share needed for the first NOK 300 million tranche. By then most of its fleet was grounded, and it was flying mainly domestic Norwegian and Swedish routes and routes between the Nordic capitals, as well as repatriation flights.[26]

On April 20, 2020, the boards of four subsidiaries that employed Norwegian's pilots and cabin crew in Sweden and Denmark filed for bankruptcy. The company also cancelled crew provision agreements with several jointly owned OSM Aviation subsidiaries, which had crew in Spain, the United Kingdom, Finland, Sweden and the United States. In total 1,571 pilots and 3,134 cabin crew were affected. The company said Norway's furlough scheme covered salary costs during layoffs but the Swedish and Danish schemes did not, and that it had asked both governments for support. Schram called the decision "heart-breaking" and said: "I'm truly sorry for the consequences this will have for our colleagues."[27]

First recapitalisation, spring 2020

To qualify for the remaining state guarantees, Norwegian had to raise its equity ratio sharply. In late April 2020 it put forward a plan to convert large parts of its bonds and aircraft lease obligations into equity, and to raise up to NOK 400 million in a public share offering. The plan aimed for up to US$1.2 billion of debt conversion from lessors and bondholders. Existing shareholders would keep 5.2 percent of the company before the new share issue.[28] On May 20, 2020, the company announced that what it called a NOK 12.7 billion recapitalisation was complete. It had met the conditions for the second and third tranches of state aid, including a minimum 8 percent pro forma equity ratio, and reported a pro forma adjusted equity ratio of 17 percent. Schram thanked the government, parliament, customers, employees, shareholders, lessors and creditors and said the process had confirmed "the belief in New Norwegian and the Company's strategy". He also warned that "the months ahead will remain challenging and with a high degree of uncertainty for the industry".[29]

On June 29, 2020, Norwegian notified Boeing that it was terminating its purchase agreements for the five remaining Boeing 787s and 92 Boeing 737 MAX aircraft on order, along with the related GoldCare service agreements. It also filed a legal claim seeking the return of pre-delivery payments and compensation for losses linked to the 737 MAX grounding and the 787 engine problems.[30]

For the first half of 2020 the airline reported a net loss of NOK 5.3 billion, a 71 percent fall in passengers to 5.3 million, 8,000 employees furloughed or laid off and 140 aircraft grounded.[31] In the third quarter about one million passengers flew with Norwegian, compared with 10.53 million a year earlier, and only about 25 short-haul aircraft out of a fleet of 140 were in service. Presenting those results on November 10, 2020, Schram praised what he called the "Red Nose Warriors" among the staff. He said "this crisis is far from over" and argued that Norwegian aviation needed further support "if we are going to survive". The government had announced the previous day that it would not provide further financial support.[32]

Examinership and reconstruction

After the government's refusal, Norwegian cut back to a domestic-only network and furloughed another 1,600 employees.[6] On November 18, 2020, it began examinership proceedings in Ireland, where its aircraft-owning subsidiaries were based, for Norwegian Air International, Arctic Aviation Assets DAC and some of their subsidiaries, with the parent company joining as a related party.[33] The Irish High Court formally approved the examinership on December 7, 2020, and appointed Kieran Wallace as examiner.[34] On December 8, 2020, the parent company was also placed in a supplementary reconstruction process in Norway.[35]

On January 14, 2021, the board announced that Norwegian would give up long-haul flying and concentrate on a Nordic and European short-haul network. It expected to operate up to 50 Boeing 737s, cut total debt to around NOK 20 billion and raise NOK 4 to 5 billion in new capital. Under the plan existing shareholders would keep about 5 percent of the company, creditors about 25 percent and new investors about 70 percent.[36] Later that month the Norwegian government said it would support the new capital raise, subject to conditions.[6]

The examiner's scheme, published on March 11, 2021, gave unsecured creditors a dividend of 5 percent of their claims. The dividend was paid partly in cash from a NOK 500 million pool and partly as convertible claims that could be converted into shares worth up to 25.4 percent of the company.[37] The Irish High Court approved the scheme on March 26, 2021, and the Oslo court (Oslo byfogdembete) approved the Norwegian reconstruction on April 12, 2021.[38] The plan became final on May 18, 2021, after no appeals were filed, and the company set May 26, 2021, as the completion date.[39] The accompanying capital raise of up to NOK 6 billion combined new capital perpetual bonds of NOK 1,875 million, a rights issue of up to NOK 395 million and a private placement.[40] Through his wholly owned company Schanjem AS, Schram subscribed for 10,500 shares in the rights issue and was allocated 559,105 shares in the private placement. After the raise he owned 576,605 shares directly and through Schanjem.[41]

Removal

Less than a month after the reconstruction was completed, on June 20, 2021, the board voted to end Schram's tenure as chief executive. The next morning it announced that Geir Karlsen, who had led the financial side of the restructuring, would take over with immediate effect. The chair, Svein Harald Øygard, said Karlsen "has successfully led the financial reconstruction of Norwegian". The announcement gave no reason for Schram's removal.[2] The Danish political news service Altinget noted that the press release did not explain why Schram was leaving at such short notice.[42] The German aviation site aeroTELEGRAPH reported that the board had dismissed him with immediate effect.[43]

Under his 2019 employment contract, Schram was entitled to nine months' notice. The company said he would support the board full-time until March 31, 2022, on his existing salary, and would then receive 15 months of severance pay in monthly instalments.[2]

Moeve, 2022 to present

On October 27, 2022, Schram was appointed to the board of directors of Cepsa, the Spanish oil and energy group, which later renamed itself Moeve. The company's board page describes his "extensive experience in the mobility, retail and aviation sectors" and lists his earlier chief executive roles at Norwegian Air Shuttle, Circle K Europe and Statoil Fuel & Retail. As of October 2026 he is still listed as a director.[5]

Leadership and management style

Schram's public statements at Norwegian put heavy weight on the workforce. Announcing the March 2020 layoffs, he described them as temporary and said his goal was to bring back as many staff as possible once travel returned.[24] When the Swedish and Danish crew companies were put into bankruptcy, he called pilots and cabin crew "the core of our business" and apologised for the consequences.[27] When thanking employees in November 2020, he referred to them as "Red Nose Warriors".[32] His statements also repeatedly called for state support for the industry.[32]

At Statoil Fuel & Retail the strategy presented under Schram emphasised simplification, lean operations and cost control, alongside innovation and sales growth.[12] In the Circle K rebranding, he described the old Statoil name as respected but "not very well positioned for the future", and he presented the change as a shift in emphasis from fuel to convenience retailing.[18] Accepting the 2017 NACS award, he described the rebranding as "a collective team effort".[4]

Major deals and strategic decisions

  • Statoil Fuel & Retail IPO (2010): As chief executive, Schram led the listing of Statoil Fuel & Retail on the Oslo Stock Exchange on October 22, 2010. Statoil sold 40 percent of the company at NOK 39 per share, raising NOK 4.68 billion before the over-allotment option and valuing the company at NOK 11.7 billion.[10]
  • Sale to Couche-Tard (2012): Schram supported Alimentation Couche-Tard's NOK 53 per share cash offer, which valued Statoil Fuel & Retail's share capital at NOK 15.9 billion (about US$2.8 billion).[14]
  • Shell Denmark (2015): As Couche-Tard's group president for Europe, he announced the agreement to buy Shell's Danish retail, commercial fuels and aviation businesses, including 315 retail sites. The price was not disclosed.[17]
  • Circle K rebranding (completed 2018): Schram led the conversion of more than 10,000 stores and service stations across Couche-Tard's network to the Circle K brand.[1][18]
  • Norwegian recapitalisation (2020): Under Schram, Norwegian converted bonds and lease debt into equity and raised NOK 400 million in new shares in a recapitalisation it valued at NOK 12.7 billion. This qualified it for the remaining state loan guarantees.[29]
  • Cancellation of Boeing orders (2020): Norwegian terminated its orders for 92 Boeing 737 MAX and five Boeing 787 aircraft and sued Boeing for the return of pre-delivery payments and compensation.[30]
  • Exit from long-haul flying (2021): In January 2021 the board decided to stop Norwegian's long-haul operations and focus on a short-haul network of up to 50 Boeing 737s as part of the Irish examinership and Norwegian reconstruction.[36]

Financial and market performance

In 2020, Schram's only full year as chief executive, Norwegian's total operating revenue fell 79 percent to NOK 13,851 million. The airline carried about 6.87 million passengers, 81 percent fewer than in 2019, and its capacity measured in available seat kilometres was 82 percent lower. It reported an operating loss of NOK 23,768 million and a net loss after tax of NOK 23,040 million, against a net loss of NOK 1,609 million in 2019. The loss included impairments of NOK 12.8 billion on the discontinued fleet and on pre-delivery payments for cancelled aircraft orders, and the company ended 2020 with negative equity of NOK 6,624 million.[6] The company said the restructuring had added NOK 18.2 billion to equity in the first nine months of 2020.[32]

At Statoil Fuel & Retail, adjusted EBITDA was NOK 3,393 million in 2010, the year of the listing, and NOK 3,021 million in 2011.[13] Couche-Tard's offer in 2012 valued the company at NOK 15.9 billion, against NOK 11.7 billion at the October 2010 offering price.[10][14]

Compensation

In 2010, Statoil Fuel & Retail paid Schram a salary of NOK 4.524 million, annual variable pay of NOK 1.093 million and long-term variable pay of NOK 599,000. His base salary at the end of 2010 was NOK 3.5 million.[3] At Norwegian he received a salary of NOK 7.0 million in 2020, with total compensation of NOK 7.148 million.[6] For 2021 Norwegian reported total compensation for him of NOK 18.144 million, made up of NOK 7.0 million in salary, an NOK 11.0 million bonus and other benefits. The bonus came from a retention scheme the board introduced to keep its executives in place through the first half of 2021. The board said it had deviated from its remuneration policy to secure "stable and qualified management" during the examinership and reconstruction.[44]

Board memberships and outside roles

  • Moeve (formerly Cepsa), member of the board of directors since October 27, 2022.[5]
  • McKinsey & Company, senior advisor, 2018 to 2019.[1]
  • Earlier board roles within Statoil and at outside companies including Møller Bil and KID Interiør.[3]

Controversies

Severance dispute at Norwegian

The board's announcement of Schram's removal in June 2021 included an unusual public statement about his exit terms. Under his November 20, 2019, contract he received his salary through a nine-month notice period ending March 31, 2022, followed by 15 months of severance. The board said: "An effort has been made by the Board to bring the severance payments to a level reflecting the challenges of the industry, but no agreement could be reached."[2] aeroTELEGRAPH summarised the terms as meaning that Schram would still receive two years' salary.[43] The payments came shortly after a restructuring in which unsecured creditors were offered 5 percent of their claims and existing shareholders were left with about 5 percent of the company.[36] They also came on top of the NOK 11 million retention bonus he received for the first half of 2021.[44]

Crew bankruptcies

The April 2020 bankruptcy filings by Norwegian's Swedish and Danish pilot and cabin crew companies, and the cancellation of crew contracts with OSM Aviation units in several other countries, affected 1,571 pilots and 3,134 cabin crew. The company said it had no alternative because the Swedish and Danish furlough schemes did not cover salary costs as Norway's did, and because it had not received significant support from those governments.[27]

Personal life

Schram is a Norwegian citizen and lived in Norway during his time at Statoil Fuel & Retail.[3] He holds his shares in Norwegian through Schanjem AS, a company he wholly owns.[41] No reliable source found for this article describes his marriage, children or interests.

Bibliography

  • The Essence of Business (Dinamo Forlag, 2017).[1]

Recognition

  • 2017: NACS Insight European Industry Leader of the Year, awarded by the National Association of Convenience Stores and sponsored by Mondelēz International, for leading the Circle K rebranding.[4]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 <ref>"Jacob Schram appointed new CEO of Norwegian".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.November 20, 2019.Retrieved October 29, 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 <ref>"Geir Karlsen appointed new CEO of Norwegian".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.June 21, 2021.Retrieved October 29, 2026.</ref>
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 <ref>"Annual Report 2010".Statoil Fuel & Retail ASA.March 24, 2011.Retrieved October 29, 2026.</ref>
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 <ref>"Jacob Schram named 2017 NACS Insight European Industry Leader of the Year".PetrolPlaza.May 24, 2017.Retrieved October 29, 2026.</ref>
  5. ↑ 5.0 5.1 5.2 <ref>"Mr. Jacob Schram".Moeve.Retrieved October 29, 2026.</ref>
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 <ref>"Norwegian Air Shuttle ASA Annual Report 2020".Norwegian Air Shuttle ASA.April 23, 2021.Retrieved October 29, 2026.</ref>
  7. ↑ <ref>"Statoil Fuel & Retail ASA to be listed on Oslo Børs".Oslo Børs, via Newsweb.September 29, 2010.Retrieved October 29, 2026.</ref>
  8. ↑ <ref>"Statoil Fuel & Retail welcomes start of IPO".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.October 7, 2010.Retrieved October 29, 2026.</ref>
  9. ↑ <ref>"Management applies for shares in Statoil Fuel & Retail".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.October 11, 2010.Retrieved October 29, 2026.</ref>
  10. ↑ 10.0 10.1 10.2 <ref>"Statoil Fuel & Retail ASA - Bookbuilding successfully completed. Shares priced at NOK 39".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.October 21, 2010.Retrieved October 29, 2026.</ref>
  11. ↑ <ref>"Statoil Fuel & Retail's annual report 2010".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.March 24, 2011.Retrieved October 29, 2026.</ref>
  12. ↑ 12.0 12.1 <ref>"Statoil Fuel & Retail capital markets day".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.November 29, 2011.Retrieved October 29, 2026.</ref>
  13. ↑ 13.0 13.1 <ref>"Statoil Fuel & Retail: challenging fourth quarter, but robust full year performance".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.February 7, 2012.Retrieved October 29, 2026.</ref>
  14. ↑ 14.0 14.1 14.2 14.3 <ref>"Recommended cash offer by Alimentation Couche-Tard Inc. to acquire 100% of the shares of Statoil Fuel & Retail".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.April 18, 2012.Retrieved October 29, 2026.</ref>
  15. ↑ <ref>"Statoil Fuel & Retail welcomes Couche-Tard as new principal shareholder".Statoil Fuel & Retail ASA, via Oslo Børs Newsweb.June 19, 2012.Retrieved October 29, 2026.</ref>
  16. ↑ <ref>"Statoil Fuel & Retail ASA announcements, July 2012 ("Last day of listing today", July 12, 2012)".Oslo Børs Newsweb.Retrieved October 29, 2026.</ref>
  17. ↑ 17.0 17.1 <ref>"Couche-Tard Signs Agreement to Buy Shell's Retail, Commercial Fuels and Aviation Businesses In Denmark".BOE Report (CNW Telbec release).March 17, 2015.Retrieved October 29, 2026.</ref>
  18. ↑ 18.0 18.1 18.2 <ref>"Circle K to re-brand 10,000 retail sites by 2018".erpecnews live.June 21, 2017.Retrieved October 29, 2026.</ref>
  19. ↑ 19.0 19.1 19.2 <ref>"Norwegian Air appoints Jacob Schram as CEO".November 20, 2019.Retrieved October 29, 2026.</ref>
  20. ↑ <ref>Thierry Blancmont."Enfin une nouvelle tête pour la low cost Norwegian".Air Journal.November 21, 2019.Retrieved October 29, 2026.</ref>
  21. ↑ <ref>Phil Davies."Industry outsider takes helm at Norwegian Air".Travel Weekly.November 20, 2019.Retrieved October 29, 2026.</ref>
  22. ↑ <ref>"Norwegian Air Shuttle reports fourth quarter 2019 results".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.February 13, 2020.Retrieved October 29, 2026.</ref>
  23. ↑ <ref>"Norwegian to cancel approximately 3000 flights and implement temporary layoffs due to the effects of COVID-19".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.March 10, 2020.Retrieved October 29, 2026.</ref>
  24. ↑ 24.0 24.1 <ref>"Norwegian to cancel 85 percent of its flights and temporarily layoff approximately 7,300 colleagues".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.March 16, 2020.Retrieved October 29, 2026.</ref>
  25. ↑ <ref>"Update regarding government measures for Norwegian aviation".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.March 19, 2020.Retrieved October 29, 2026.</ref>
  26. ↑ <ref>"Norwegian fulfils criteria for initial NOK 300 million in guarantee from the Norwegian Government".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.March 24, 2020.Retrieved October 29, 2026.</ref>
  27. ↑ 27.0 27.1 27.2 <ref>"Norwegian's pilot and cabin crew companies in Sweden and Denmark file for bankruptcy".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.April 20, 2020.Retrieved October 29, 2026.</ref>
  28. ↑ <ref>"Norwegian Air Shuttle ASA announces the details of the restructuring plan and its intention to launch a public equity offering of up to NOK 400 million".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.April 27, 2020.Retrieved October 29, 2026.</ref>
  29. ↑ 29.0 29.1 <ref>"Norwegian Air Shuttle ASA (NAS) - Detailed results of the NOK 12.7 billion recapitalization - Completion of the Offering and Debt Conversion".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.May 20, 2020.Retrieved October 29, 2026.</ref>
  30. ↑ 30.0 30.1 <ref>"Norwegian Air Shuttle ASA (NAS) - Notice of termination to the Boeing Company of purchase agreements and GoldCare agreement".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.June 29, 2020.Retrieved October 29, 2026.</ref>
  31. ↑ <ref>"Norwegian Air Shuttle ASA (NAS) - First half 2020 interim report and presentation".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.August 28, 2020.Retrieved October 29, 2026.</ref>
  32. ↑ 32.0 32.1 32.2 32.3 <ref>"Norwegian Air Shuttle ASA (NAS) - interim report for the third quarter 2020".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.November 10, 2020.Retrieved October 29, 2026.</ref>
  33. ↑ <ref>"Norwegian initiates a reorganisation plan with its daughter companies NAI and AAA seeking protection under Irish Examinership".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.November 18, 2020.Retrieved October 29, 2026.</ref>
  34. ↑ <ref>"Norwegian Air Shuttel ASA (NAS) - The Irish High Court has formally approved the Examinership".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.December 7, 2020.Retrieved October 29, 2026.</ref>
  35. ↑ <ref>"Norwegian Air Shuttle ASA (NAS) has successfully been made subject to a supplementary reconstruction process in Norway".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.December 8, 2020.Retrieved October 29, 2026.</ref>
  36. ↑ 36.0 36.1 36.2 <ref>"Norwegian Air Shuttle (NAS) - Presents indicative plan for Reconstruction, exit of Examinership and Reconstruction processes and post-reconstruction Company".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.January 14, 2021.Retrieved October 29, 2026.</ref>
  37. ↑ <ref>"Norwegian Air Shuttle ASA (NAS) launch of scheme for exit from the Irish examinership and Norwegian reconstruction processes".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.March 11, 2021.Retrieved October 29, 2026.</ref>
  38. ↑ <ref>"Norwegian Air Shuttle ASA (NAS) - Update on the Norwegian reconstruction process".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.April 12, 2021.Retrieved October 29, 2026.</ref>
  39. ↑ <ref>"Norwegian Air Shuttle ASA (NAS): Reconstruction Plan approved".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.May 18, 2021.Retrieved October 29, 2026.</ref>
  40. ↑ <ref>"Norwegian Air Shuttle ASA - Final results of the Capital Raise".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.May 25, 2021.Retrieved October 29, 2026.</ref>
  41. ↑ 41.0 41.1 <ref>"Norwegian Air Shuttle ASA (NAS) - Allocation to primary insiders and close associates of primary insiders in the Rights Issue and the Private Placement (part I)".Norwegian Air Shuttle ASA, via Oslo Børs Newsweb.May 25, 2021.Retrieved October 29, 2026.</ref>
  42. ↑ <ref>Cecilie Bech Rønsholt."Norwegian afskediger topchef".Altinget.June 21, 2021.Retrieved October 29, 2026.</ref>
  43. ↑ 43.0 43.1 <ref>"Norwegian wechselt überraschend Chef aus".aeroTELEGRAPH.June 21, 2021.Retrieved October 29, 2026.</ref>
  44. ↑ 44.0 44.1 <ref>"Norwegian Air Shuttle ASA Annual Report 2021".Norwegian Air Shuttle ASA.April 28, 2022.Retrieved October 29, 2026.</ref>
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