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 country within the Kingdom of Denmark.[1][2][3]

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.[4] Unemployment decreased in the later 1990s, down to about 6% at the end of 1998.[4] By June 2008 unemployment had declined to 1.1%, before rising to 3.4% in early 2009.[4] In December 2014[5] 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[6] and the eighth biggest in the world.[7]

Notable firms[edit]

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.

     Active firms
     State-owned firms
     Defunct firms

Name Industry Sector Headquarters Founded Notes
Atlantic Airways Consumer services Travel & leisure Sørvágur 1987 Airline
Atlantic Petroleum Oil & gas Oil & gas producers Tórshavn 1998 Private oil and gas exploration
Bakkafrost Consumer goods Food & beverage Glyvrar 1968 Salmon farming
Dimmalætting Consumer services Media Tórshavn 1877 Newspaper
Eik Banki Financial services Banks Tórshavn 1832 Financial services
FaroeJet Consumer services Travel & leisure Vágar 2005 Airline, defunct 2006
Föroya Bjór Consumer goods Food & beverage Klaksvík 1888 Brewery
Kringvarp Føroya Consumer services Media Tórshavn 1957 Public television and radio station
Posta Industrials Industrial transportation Tórshavn 1976 Postal services
Restorffs Bryggjarí Consumer goods Food & beverage Tórshavn 1849 Brewery, defunct 2007
Rúsdrekkasøla Landsins Consumer services Retail Tórshavn 1992 Alcoholic beverages retail
SEV Utilities Electricity Tórshavn 1946 Power, hydro-electrical
SeWave Utilities Electricity Tórshavn[8] 2002 Wave farm project
Smyril Line Industrials Industrial transportation Tórshavn 1983 Shipping
Sosialurin Consumer services Media Tórshavn 1927 Newspaper
Strandfaraskip Landsins Industrials Industrial transportation Suðuroy 1917 Public transportation
The Faroe Insurance Company Financials Insurance Tórshavn 1965 Insurance
Vodafone Faroe Islands Telecommunications Mobile telecommunications Tórshavn 2000

See also[edit]

References[edit]

  1. ^ Faroeislands.fo – Faroe Islands in Brief
  2. ^ Norden.org – Facts about the Faroe Islands
  3. ^ Gardel, Uffe (12 September 2014). "Færøsk hjælp til Putin (Faroese help to Putin)" (in Danish). Business.dk. Retrieved 1 July 2015. 
  4. ^ a b c Statistics Faroe Islands; Labour Market and Wages, accessed 4 August 2009
  5. ^ "Arbeiðsloysið er óbroytt 3,2%" (in Faroese). hagstova.fo. 23 January 2015. Retrieved 3 February 2015. 
  6. ^ "Bakkafrost Chief Financial Officer quits". Fishupdate.com. 7 October 2014. Retrieved 23 September 2015. 
  7. ^ portal.fo – Føroysk alifyritøka er áttinda størst í heiminum
  8. ^ http://www.nordicgreen.net/startups/wavehydro/sewave-ltd