Arctic Aviation Assets - a fully owned subsidiary of Norwegian Air Shuttle - has signed a final agreement to lease out 12 Airbus 320neo aircraft to airline HK Express.

The 12 aircraft are scheduled to be delivered between 2016 and 2018.

“We are delighted to work with HK Express to support their expanding network with the modern and fuel-efficient Airbus A320neo”, said Tore Jenssen, chief executive of Arctic Aviation Assets.

Through AAA, Norwegian has firm orders of 100 Airbus A320neo.

This aircraft type offers new, more energy-efficient engines enabling fuel savings and emission reductions of up to 20 per cent compared to previous models.

The agreement is a final confirmation of the letter of intent to lease out the aircraft announced in August 2015.

Arctic Aviation Assets is a fully owned subsidiary of Norwegian Air Shuttle, based in Dublin, Ireland.

AAA manages a portfolio of 100 aircraft for the Norwegian Group and has firm orders of 267 aircraft for delivery in 2015 to 2022 in addition to 160 purchase options.