Loganair is looking into taking over the running of a Scottish government-subsidised service between Wick and Aberdeen which was previously operated by collapsed airline Eastern Airways.
Eastern Airways recently entered administration, with the majority of its 330 staff losing their jobs.
In the wake of the collapse, Loganair introduced a "rescue fare" on some of its routes in a bid to ease the impact on passengers.
And now, Simon McNamara, head of government and corporate affairs at Loganair, has told the BBC it is examining the costs of taking on the Wick-Aberdeen route.
The service is public service obligation (PSO) route which receives support from the Scottish government and Highland Council.
He said: "We are looking at the numbers and if it works we will step in, but only step in if there is a positive business case to be done.
"So at this stage I cannot say either way, but we are indeed looking at it."