HI Uplift: Dragonfly spreads its wings with 17-heli deal
Dragonfly is planning to expand its helicopter business throughout the Nordics and beyond.
August proved a busy month for Oslo-based aviation finance company Dragonfly Helicopters. Not only did the Norwegian firm seal a 17-helicopter deal with Norsk Luftambulanse – a leading air ambulance operator in the region, its parent company Kjell A Østnes also sold a stake in its business to the diversified investment group Cognia. Thomas Wellén, CEO of Dragonfly explains to us the significance of both developments.
Let’s start with the air ambulance deal. The agreement covers 17 Airbus H135 and H145 helicopters. Under the financing arrangement, Dragonfly will acquire ownership of the fleet, while Norsk Luftambulanse will continue to operate the helicopters under an agreement which starts in 2028 and will run for up to 10 years. The agreement represents the largest single contract in the company’s history.
It’s a key step in its mission to build a leading Norwegian helicopter business specialising in financing assets for critical missions, the CEO tells us. Those include: air ambulance services, power line maintenance, telecommunications infrastructure, fire and rescue services, police operations and offshore activities.
Nordic region and Europe
“When I joined Dragonfly in 2020, we had six helicopters on lease here in the Nordics,” Wellén tells us. “Since then, we have built the portfolio from the six used H125s to a fleet of 17 helicopters, including a AW139 and two H145s.” The business has a few EMS helicopters on its books with the AW139 deployed on supporting offshore wind facilities and the H125s for infrastructure projects in Norway and elsewhere. Dragonfly’s fleet is currently deployed across the Nordic region and Europe.
Dragonfly’s new partner, Norsk Luftambulanse says it values the opportunity to work with a fellow Norwegian business that understands the air ambulance market. Leif Olstad, CEO of Norsk Luftambulanse said in a statement: “The fact that we have found a solution together with a Norwegian company, supported by Norwegian financing, is something we see as very positive. At a time when emergency preparedness and critical infrastructure are receiving increasing attention, we believe it is important to build strong Norwegian environments with long-term ambitions.”
Dragonfly’s second milestone last month was the sale of a stake in its business to fellow Norwegian firm Cognia. A marriage of family-owned businesses, the deal pairs Dragonfly Helicopters’ parent company the Østnes helicopter group with Cognia.
Six business areas
An authorised Airbus Helicopters distributor in the Nordic region, the Østnes business provides sales, maintenance, parts, painting and other helicopter services in the Nordic region and beyond. Cognia owns and develops companies across six business areas: passenger vehicles, commercial vehicles, healthcare and emergency preparedness, real estate, technology and capital.
As part of the equity sale, the Østnes family will continue as a significant shareholder and development partner, contributing sector expertise and operational experience to the continued growth initiative. Cognia will contribute capital and relevant aviation expertise, including through its ownership of Vipe21 – the Norwegian aviation engineering and certification company.
Strengthened by the new Cognia investment, Wellén together with Dragonfly owners, the Østnes family, are on a quest to build a helicopter fleet worth NOK2.5bn ($269.4m) by 2028, aimed at critical infrastructure, healthcare and emergency preparedness.
‘Specialised helicopter assets’
Wellén says Cognia’s decision to become a shareholder delivered an industrial partner with the financial strength and operational expertise to speed Dragonfly’s growth plans. “We see strong demand for specialised helicopter assets supporting critical societal functions, and this partnership gives us a stronger platform to scale.”
Frode Østnes, CEO of Kjell A Østnes explained the company’s long search for a financial partner. “We have spent considerable time finding the right partner. It was only when we met Cognia that we recognised the industrial understanding and long-term values we had been looking for,” said Østnes last month. “This is an active, operational owner that works closely with its companies – not a financial investor managing from a distance. That makes it easier to invite someone into a company we have built from the ground up.”
Grant Larsen, CEO of Cognia said: “Critical infrastructure and emergency preparedness are becoming increasingly important, and we see significant value in ensuring that expertise, ownership and decision-making remain anchored in Norway. Dragonfly has built a strong position in the market, and together with the Østnes family we are contributing capital, industrial expertise and a long-term perspective to support the company’s next phase of growth”
Investment opportunities
Meanwhile, the Dragonfly CEO is looking forward to the extra investment opportunities the new partnership will bring. Previously working in fixed-wing aviation finance, Wellén noticed on joining Dragonfly the relative reluctance of banks to invest in the helicopter industry.
This he attributes to the smaller size of the rotary industry and lower value of the assets with which it deals. However, in recent years, Wellén has noticed a growing interest from banks in the rotary sector as its market prospects steadily improved promising better returns on investments.
Following Cognia’s investment in the business, business expansion is now very much on Wellén’s mind. “As well as growing our business in the Nordics, I took the view early on that we needed to expand outside the region,” Wellén tells us. “We will do deals that make sense for us. We are building this company step by step with a larger EMS fleet and probably increasing the fleet a little bit on the H125s missions [on critical infrastructure].”
If Wellén’s business plans are realised, many more busy months will follow Dragonfly’s busy August.
HI Uplift Dashboard: Helicopters for sale
Multi engines
- Total for sale/lease: 234 – four fewer than last week
- Percentage for sale/lease: 2.25%
- Absorption rate: 3.38 months
- Total fleet: 10,381 – 21 fewer than last week.
Single engine
- Total for sale/lease: 419 – four fewer than last week
- Percentage for sale/lease: 3.06%
- Absorption rate: 3.92 months
- Total fleet: 13,682 – 11 fewer than last week.
Source: AMSTAT, September 11th, 2026
