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OSLONorwegian Air canceled all the 88 narrow-body jets that remained on order from Airbus.

Airbus will keep the payments it received in advance and Norwegian will pay $847,800 as compensation.

The airline took an impairment charge of 4.8bn crowns ($93.51m) in the fourth quarter relating to the termination of aircraft purchase contracts with Airbus and Boeing.

Norwegian Air and Airbus agreed on terms to cancel aircraft orders that were still pending delivery, but the legal situation with Boeing remains unresolved.

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