Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report -- The International Review of Faroe Islands Industry and Trade

Look to the Northwestern corner of Europe and still a little further out at sea, and you will find a modern and prosperous country — the Faroe Islands. A stunningly beautiful island nation constantly engaging internationally to find new business opportunities and ways to interact with the global community in a wide range of areas such as culture and sports, creative arts, education and research.

My main objective as Minister of Foreign Affairs is to continue and further develop our country’s ability to connect to the major strands of international cooperation and thus enable our business community to blossom and thrive. That is why free trade remains a core priority for our foreign policy.

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Under its new management, the Faroe Marine Research Institute looks to further develop its knowledge of marine ecosystems, as well as finding new ways to bridge the gap between fisheries science and commercial fishing.

Dr. Eilif Gaard, the newly appointed director of the Faroe Marine Research Institute (Havstovan), is not known as a man of many words. When he speaks, however, people tend to listen; and make no mistake, he is articulate and concise like a scientific dictionary. Internationally recognized for his research in biological oceanography and plankton ecology, Dr. Gaard has demonstrated with unique clarity the link between, on the one hand, growth and recruitment of commercial fishes on the Faroese Continental Shelf and, on the other, plankton production within the same area.

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Receiving increasing amounts of export cargo from the Faroe Islands and Iceland, Smyril Blue Water complements its signature reefer truck service with cheaper and more environmentally friendly alternatives for its clients.

Adding Iceland to its year-round sailings during 2009 proved to be a wise move for rolling cargo specialist Smyril Blue Water. According to Managing Director Bent Rasmussen, the company has seen demand soar for its export service to the Continent, with prospects of further growth related to a new intra-European door-to-door container solution.

Meanwhile rising export of farmed salmon from the Faroe Islands has failed to fulfill expectations as much of the tonnage has been shipped to the United States via Britain.

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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.