• A Critical Link for Drilling Operations
    Written by B. Tyril —

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    A Critical Link for Drilling Operations pp 86-87Following a year without drilling action offshore the Faroes, activities resume in June when the Brugdan II prospect is to be spudded in a campaign expected to last for several months—with busy times for Atlantic Supply Base.

    For drilling activities related to offshore oil and gas exploration on the Faroese continental shelf, the Port of Runavík has a crucial part to play. Ever since the first prospect was drilled more than a decade ago, the port’s function as a traffic hub for all transports related to the upstream oil and gas industry has been handled by Atlantic Supply Base (ASB).

    ASB has acted as the supply base of choice for all seven drilling campaigns which have been completed to date in the Faroe Islands—with such compelling results as to prompt words of praise from the company’s clients.

  • Record Shipping Investment Sees Supply Service in Strong Offshore Position
    Written by B. Tyril —

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    Record Shipping Investment Sees Supply Service in Strong Offshore Position pp 88-89Supply Service is to take delivery this year of its third and fourth new offshore support vessels to establish itself as a trusted provider in oil and gas field services—to the tune of a 1.2 billion nok (157 million eur) investment.

    It took Supply Service only four years to order and receive four new-build, state-of-the-art platform supply vessels from Norway’s Havyard at an average price of more than 300 million nok (39m eur) per vessel. That’s a major investment, in fact the largest ever in the Faroese shipping business if counted as one single investment.

    With the first vessel received in 2009, the second in 2011, the third in March 2012, and fourth set for delivery in the summer, Supply Service has maintained a stable operation with an eye on establishing itself as a trusted and preferred oil and gas service provider.

  • Going Beyond Five Stars to Charm Business Travelers
    Written by B. Tyril —

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    Going Beyond Five-Star to Charm Business Travelers pp 18-19The Faroe Islands’ only five-star conference venue, Hotel Føroyar is enchanting a growing number of businesspeople from everywhere who choose to meet in the North Atlantic archipelago for a truly out-of-the-ordinary experience.

    With increasing international discovery of the Faroe Islands as a prime destination for meetings and conferences, the country’s leading conference hotel, Hotel Føroyar, has invested in a new gourmet restaurant to enhance its offerings for the business tourism market.

    After refurbishments were made back in 2008 to secure the upgrade from four to five-star conference venue, Hotel Føroyar, in 2011, transformed its traditional middle-of-the-road restaurant to make way for the recently opened Koks, a gourmet eatery that ranks in the Scandinavian Top 60.

  • Faroe Seafood Invests in Processing Plant
    Written by B. Tyril —

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    Faroe Seafood Invests in Processing Plant pp 38-39With sales offices in the UK and France, Faroe Seafood aims to build a position of strength in Europe, while investing in a versatile seafood factory able to freeze and smoke as well as processing fresh products of saithe and other species.

    Over the last year or so, Faroe Seafood has quietly put together a powerful program aimed at supplying seafood to markets across Europe including the United Kingdom.

    In December 2011 the company—not to be confused with the old Faroe Seafood, which no longer exists—invested in a seafood factory at Eiði, a fishing village located on the northernmost point of the Faroese island of Eysturoy. The processing plant, a well-equipped facility formerly known as Norðís, now provides Faroe Seafood with a range of options for the production of saithe, cod, haddock, and other species—fresh, frozen, or smoked.

Fisheries science must be made understandable to fishermen, says Ben-Yami

It is the responsibility of scientists, not fishermen, to make sure that fisheries management advice and consequential measures taken are popularily understood and appreciated by fishermen and the general populace of a fishing community, independent fisheries adviser Menakhem Ben-Yami told the participants of a mini symposium.

LEFT: Menakhem Ben-Yami, flanked by Auðunn Konráðsson, Petur Steingrund, Hjalti í Jákupsstovu.

Held in Tórshavn on 7 July, the event, entitled “Bridging to Gap Between Fishing People and Fisheries Science,” saw a good number of industry representatives gather at the Hotel Hafnia to hear Dr Ben-Yami along with Auðunn Konráðsson, chairman of the Faroe Coastal Fishermen's Association and member of the Days at Sea Advisory Committee to the Ministry of Fisheries and Maritime Affairs, Hjalti í Jákupsstovu, managing director of the Faroese Fisheries Laboratory (Fiskirannsóknarstovan), and marine biologist Petur Steingrund, likewise of the Fisheries Laboratory.

We organized the mini symposium on behalf of our clients the Faroe Shipowners Association (Föroya Reiðarafelag), the Faroe Fishermen's Union (Föroya Fiskimannafelag), and the Faroe Coastal Fishermen's Association (Meginfelag Útróðrarmanna), on the occasion of Dr Ben-Yami's visit to the Faroes from 2 through 9 July.

Speaking “on the need for scientists, regulators and legislators to pass beyond dependency on inadequate stock assessment models, and to make way for more effective communication with managers and fishermen,” Dr Ben-Yami, an internationally acclaimed authority on fisheries development and management, pointed out that there is a serious lack of effective communication between government-sponsored scientists and the main stakeholders of the fishing industry.

Dr Ben-Yami said: “… and here comes a scientist and he’s saying, the stock is so and so and the TAC will be so and so, and he’s writing some formulas on the black board and uses, you know, scientific language, and the fishermen feel… you know… they cannot even dispute this because they haven’t got tools to answer or react to this language. So what they do, they keep silent or, at the end, one of them gets agitated, so two guys take him out because he becomes violent... Such things happen.

“So, it is up to the scientists to popularize their science, so it is fully understood to everybody. And there is no science, there is no recommendation that cannot be put in such popular way that every word is understood by fishermen -- and fishermen are intelligent people. If they wouldn’t be intelligent, they wouldn’t be able to catch their fish. But mainly fishermen distrust scientists because, and it is all over now, the industry stopped believing that the methodology used in fishery science is adequate to explain the works of fishery ecosystems and to quantify fish resources.”

Link to Dr Ben-Yami's website...
 

Welcome to the 2012 Edition of the Faroe Business Report

Front Cover of FBR 2012

I’m proud to present the 2012 edition of the Faroe Business Report—The International Review of Faroe Islands Industry and Trade. The fact that this is the seventh volume in this annual series gives, in my view, a clear indication of the success of this project. It has indeed been a journey into the unknown—no other publication has ventured into an editorial mission of the same kind, creating a bridge of communication between the Faroese business community and an international readership consisting largely of businesspeople with existing or potential interests in the Faroe Islands. I wholeheartedly recommend that you read some of the inspiring business stories found in this publication.

Búi Tyril
Publisher, Editor in Chief


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.

Les meira (PDF)...