List of companies of the Faroe Islands

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Location of the Faroe Islands

The Faroe Islands are an archipelago between the Norwegian Sea and the North Atlantic approximately halfway between Norway and Iceland, 320 kilometres (200 miles) north-northwest of mainland Scotland. The islands are an autonomous territory within the Kingdom of Denmark.[1]

Economic troubles caused by a collapse of the Faroese fishing industry in the early 1990s brought high unemployment rates of 10 to 15% by the mid-1990s.[2] Unemployment decreased in the later 1990s, down to about 6% at the end of 1998.[2] By June 2008 unemployment had declined to 1.1%, before rising to 3.4% in early 2009.[2] In December 2014[3] the unemployment was 3.2%. Nevertheless, the almost total dependence on fishing and fish farming means that the economy remains vulnerable. One of the biggest private companies of the Faroe Islands is the salmon-farming company Bakkafrost, which is the largest of the four salmon-farming companies in the Faroe Islands[4] and the eighth-biggest in the world.[5]

Notable firms

This list includes notable companies with primary headquarters located in the country. The industry and sector follow the Industry Classification Benchmark taxonomy. Organizations which have ceased operations are included and noted as defunct.

Notable companies
     Active      State-owned      Defunct
Name Industry Sector Headquarters Founded Notes
Atlantic Airways Consumer services Airlines Sørvágur 1987 Airline
Atlantic Petroleum Oil & gas Exploration & production Tórshavn 1998 Private oil and gas exploration
Bakkafrost Consumer goods Farming & fishing Glyvrar 1968 Salmon farming
Dimmalætting Consumer services Publishing Tórshavn 1877 Newspaper
Eik Banki Financial services Banks Tórshavn 1832 Financial services
FaroeJet Consumer services Airlines Vágar 2005 Airline, defunct 2006
Föroya Bjór Consumer goods Brewers Klaksvík 1888 Brewery
Hey
 Telecommunications Mobile telecommunications Tórshavn 2000 Mobile network
Kringvarp Føroya Consumer services Broadcasting & entertainment Tórshavn 1957 Public television and radio station
Posta Industrials Delivery services Tórshavn 1976 Postal services
Restorffs Bryggjarí Consumer goods Brewers Tórshavn 1849 Brewery, defunct 2007
Rúsdrekkasøla Landsins Consumer services Food retailers & wholesalers Tórshavn 1992 Alcoholic beverages retail
SEV Utilities Alternative electricity Tórshavn 1946 Power, hydro-electrical
SeWave Utilities Alternative electricity Tórshavn[6] 2002 Wave farm project
Smyril Line Industrials Marine transportation Tórshavn 1983 Shipping
Sosialurin Consumer services Publishing Tórshavn 1927 Newspaper
Strandfaraskip Landsins Consumer services Travel & tourism Suðuroy 1917 Public transportation
The Faroe Insurance Company Financials Full line insurance Tórshavn 1965 Insurance



See also

References

  1. ^ * Benedikter, Thomas (2006-06-19). "The working autonomies in Europe". Society for Threatened Peoples. Archived from the original on 2008-03-09. Retrieved 2019-08-30. Denmark has established very specific territorial autonomies with its two island territories
    • Ackrén, Maria (November 2017). "Greenland". Autonomy Arrangements in the World. Archived from the original on 2019-08-30. Retrieved 2019-08-30. Faroese and Greenlandic are seen as official regional languages in the self-governing territories belonging to Denmark.
    • "Facts about the Faroe Islands". Nordic cooperation. Archived from the original on 23 April 2018. Retrieved 1 July 2015. The Faroe Islands [...] is one of three autonomous territories in the Nordic Region
  2. ^ a b c Statistics Faroe Islands; Labour Market and Wages Archived 2009-11-13 at the Wayback Machine, accessed 4 August 2009
  3. ^ "Arbeiðsloysið er óbroytt 3,2%" (in Faroese). hagstova.fo. 23 January 2015. Retrieved 3 February 2015.
  4. ^ "Bakkafrost Chief Financial Officer quits". Fishupdate.com. 7 October 2014. Archived from the original on 25 September 2015. Retrieved 23 September 2015.
  5. ^ (www.knassar.com), Knassar - the new media web partner. "Føroysk alifyritøka er áttinda størst í heiminum - Føroyski portalurin - portal.fo". portal.fo. Archived from the original on 2015-10-29. Retrieved 2018-03-19.
  6. ^ "Maintenance Mode". Nordicgreen.net. Retrieved 2018-03-19.
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