Norwegian Air cancels purchases of Boeing planes

Jun. 29, 2020 5:54 PM ETThe Boeing Company (BA)By: Carl Surran, SA News Editor

  • Boeing (NYSE:BA) -1.9% after-hours as Norwegian Air Shuttle (OTCPK:NWARF) says it issued a termination notice for 97 planes, including 92 of the 737 MAX and five 787 Dreamliners.
  • Norwegian Air also files a legal claim seeking the return of pre-delivery payments related to the aircraft and compensation for losses related to grounding of the 737 MAX and engine issues on the 787.
  • The 787 planes, powered by Rolls-Royce (OTCPK:RYCEF) Trent 1000 engines, suffered from long-running reliability issues that affected reliability and resulted in premature and unplanned maintenance, Norwegian Air says.
  • Boeing shares soared 14% in today’s trade after the first certification flight of its beleaguered 737 MAX program took off in Seattle today.

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