Norwegian Air is under investor scrutiny after it ordered more than 200 aircrafts to support a global growth spurt.
Industry observers have warned that competitive capacity and cheap fares may injured the airline’s long-term financial health as the new planes are introduced.
But it is not clear whether Mr O’Leary has any reason for making his gloomy prediction about the Norwegian.
Norwegian chief executive Bjorn Kjos told Bloomberg: “There’s nothing in these allegations.
“We are very happy with the financial situation we have.”
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He added that the airline has financed the 32 aircrafts being introduced this year and has arranged financing for the planes coming in 2018.
Mr Kjos said: “This is Michael O’Leary’s style.
“He likes to project headlines. I don’t have any dispute with Ryanair.”
As the new Norwegian planes are introduced, the airline has expanded its destination from smaller US cities to Southeast Asia and South America.
Next spring, the airline hopes to being service in Argentina.
Mr Kjos said he doesn’t see a competitive environment between the US and Europe that is “much different” from times in the past.
He added: “We absolutely have no problem in placing the capacity on the Atlantic.
“If we didn’t think it was going to be profitable, we would not have these flights.”
Ryanair on the other side has come under fire after it announced it will be cancelling 50 flights a day until the end of October.
The airline, whose cancellation could affect up to 400,000 passengers, has admitted the situation is a “mess”.
Mr O’Leary said: “While over 98 per cent of our customers will not be affected by these cancellations over the next six weeks, we apologise unreservedly to those customers whose travel will be disrupted, and assure them that we have done our utmost to try to ensure that we can re-accommodate most of them on alternative flights on the same or next day.”
The flight cancellations were revealed as the airline lost 140 pilots to Norwegian Air, but Ryanair insists the two incidents are not linked.
Mr O’Leary said: “Ryanair is not short of pilots – we were able to fully crew our peak summer schedule in June, July and August – but we have messed up the allocation of annual leave to pilots in September and October because we are trying to allocate a full year’s leave into a nine month period from April to December.”