Skúli Mogensen, the principal shareholder in the new venture

Icelandic businessman and investor Skúli Mogensen has teamed up with investors to found a new Icelandic airline which is due to start operations in spring 2012. Flights between Iceland and Europe will be offered, and contracts for long-term rental of several Boeing jets are in their final stages of completion. Details on the airline’s name and potential destinations are being kept mum for now.

Títan, the investment company which is fully owned by Skúli, has been looking at the possibility of starting up a new airline to fly to and from Iceland for a while. The preliminary work is now coming to a close, as jet lease contracts with a Canadian air operator are currently in the process of being finalised. The airline will base its headquarters in Iceland and will be fully in Icelandic ownership.

According to an announcement from Skúli the airline has been fully-funded in regards to air operations, “The company will be in the majority ownership of Títan, but the other investors Baldur Baldursson and Matthías Imsland.”

Baldursson is the CEO of the company and has been working on the project which bears the temporary name Iceland Jet ehf.

Skúli himself is excited about the venture: “This is an immensely exciting project. We see diverse opportunities in the Icelandic tourism industry and I look forward to playing a part in boosting [this industry] in the coming years.”

Source and image: Morgunblaðið

Labels: Transport