Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report — The International Review of Faroe Islands Industry and Trade
2010 Archive
Supply Service Bets on High-End Strategy
Offshore vessel owner and operator Supply Service places emphasis on building a track record of top performance in health, safety, environment, and quality (HSEQ) management — and could soon see its fleet grow.
Contracted to work for the likes of Wintershall and Det Norske Oljeselskap, Leirvík-based offshore service company Supply Service is determined to build a strong track record in the upper end of the North Sea oil and gas market with an eye on fleet additions.
Based on top quality performance and a green profile, the company is on track to place orders for new high-end support vessels in the near future, said managing director Jens Meinhard Rasmussen.
Atlantic Supply Base Reaches Beyond Faroe
Expanding its premises to serve forthcoming exploration drillings offshore the Faroe Islands, Atlantic Supply Base is likewise looking to extend its services to West of Shetland and Atlantic Margin operations.
Atlantic Supply Base in Runavík, the only supply base in the Faroe Islands, has been awarded the contract to serve as supply base for forthcoming drilling operations on the Faroese Continental Shelf, the first of which is the seventh drilling to date — the Anne-Marie well — due to start in the summer of 2010.
The company’s performance in connection with past drillings has been praised by operators, one of whom stated in a survey: “ASB performance on the William Well was exemplary in terms of HSE [health, safety, environment] and Operational performance. Zero incidents or rig down time experienced. The entire Faroes Team embraced the... Safety culture with enthusiasm and energy always looking to go, and going the extra mile to satisfy the offshore customer.”
Atlantic Petroleum Moves to Boost Production
Announcing a bold growth plan that opens up the possibility of acquisitions and mergers, Atlantic Petroleum is set to turn a profit for the first time — with two fields in production and a new capital structure in place.
Following a year of uncertainties over financial turbulence, Faroese oil and gas independent Atlantic Petroleum has unveiled a new business strategy as part of the successful rearrangement of its finances.
Under the new plan, which highlights the possibility of acquisitions and mergers within the next couple of years, the company will use key revenue streams from the Chestnut and Ettrick fields to grow its license portfolio in an effort to become a larger player and to offset future decline related to the depletion of the company’s available hydrocarbon resources.
A Logical Extension to West of Shetland
As the risks associated with exploration in Faroese territory decrease, the Faroes Oil Industry Group (FOĺB) could take on a more active role in helping promote the Faroe Islands as a place for oil and gas investment.
The last time a well was drilled offshore the Faroe Islands in 2008, there was a palpable sense of disappointment when the William probe operated by BP turned out not to be the find that many had expected and hoped for.
However, with clear and growing evidence of greater success just a few tens of kilometers away on the UK sector of the Atlantic Margin and with the Faroes sector Anne Marie well scheduled for 2010, there is absolutely an air of optimism among the membership of FOĺB, the Faroes Oil Industry Group.
Closing In From All Directions
The Anne-Marie exploration well generates excitement in the Faroese sector as the most promising prospect to date, with more relevant oil and gas discoveries and new development projects on the UK side.
Astonishingly, more than 15 years have flown since the author of this review first researched and wrote about the potential for hydrocarbons in Faroese territorial waters. It has been a slog, a lot of money has been spent on the quest for oil & gas, there have been fewer wells drilled than hoped for, and all have disappointed though at least one tantalized and may yet lead to a commercial result.
It has been necessary for the two petroleum companies rooted in the islands — Atlantic Petroleum (Atlants Kolvetni) and Faroe Petroleum (Føroya Kolvetni) — to dilute their Atlantic Frontier emphasis and secure opportunities elsewhere on the North West Europe Continental Shelf to ensure that they had a future.
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Welcome to the 2011 Edition of the Faroe Business Report
I’m proud to present the 6th edition of the Faroe Business Report. It’s a pleasure again this year to bring you this information package about the Faroese business scene in cooperation with leading businesses and government departments and agencies. I encourage you to take a read to check the state of affairs in the Faroese business environment and see what some of the main events are compared to last year or a few years back. I guarantee that there’s quite a few things that happen in the course of a single year — major change can occur very quickly in the Faroe Islands.
Búi Tyril
Publisher and Editor in Chief
Reach International Businesspeople with an Eye on the Faroe Islands
Sponsoring an article or placing an ad in the Faroe Business Report is a great way of accessing important market segments or conveying your values to key constituencies. For those keen to share with an international audience what their position in the Faroe Islands may mean, this yearly publication is recognized as the information medium of choice — an undisputed leader in its field.
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Sannførandi søgur byggja álit millum viðskiftarar og veitarar
Fyri bæði fyritøkur og stovnar er umráðandi at samskifta væl við umheimin, soleiðis at góð og hóskandi kunning altíð er tøk í rættari tíð. Hesin samskiftis tørvur ger seg altíð galdandi, eisini tá vit ikki beinleiðis síggja hann.
Hetta kemst millum annað av at broytingar við meir ella minni avgerandi ávirkan á virksemið hjá fyritøkuni ella stovninum kunnu henda óvæntað skjótt.