Norway's Ministry of Trade, Industry and Fisheries will convert 50% of its loan to Norwegian Group, the parent of Norwegian Air Shuttle AOC and Norwegian Air Sweden AOC, into equity, acquiring a 6.37% stake in the company. According to an Oslo stock market filing, 65,582,436 newly issued shares will be delivered no later than May 27, 2025.

Norwegian agreed to repay the other half of the NOK1.2 billion kroner (USD115 million) rescue loan issued in 2021. The carrier will repurchase 50% of the government's shares in the convertible bond loan worth USD59 million. The ministry expects to receive USD82.6 million in proceeds, netting USD23.6 million in the transaction.

"Norwegian is now in a position where it can repay the loan, after the reconstruction and the subsequent work that the company has put in. The agreement we have made with Norwegian gives the state a significant gain," trade minister Cecilie Myrseth said.

As of December 31, 2024, the largest individual shareholders of Norwegian Air Shuttle ASA were Geveran Trading Company, Ltd. (14.53%), government pension fund manager Folketrygdfondet (8.72%), DNB Asset Management AS (4.33%), and Ballyfin Aviation Limited (3.27%). The company revealed that the top 20 shareholders hold 53.7% ownership, while the rest have 46.3% of the shares in the airline.