List of companies of the Faroe Islands

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Location of the Faroe Islands Faroe Islands in its region.svg
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]

Contents

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
NameIndustrySectorHeadquartersFoundedNotes
Atlantic Airways Consumer servicesAirlines Sørvágur 1987Airline
Atlantic Petroleum Oil & gasExploration & production Tórshavn 1998Private oil and gas exploration
Bakkafrost Consumer goodsFarming & fishing Glyvrar 1968Salmon farming
BankNordik Financials ServicesBanks Tórshavn 1906Financial Services
Dimmalætting Consumer servicesPublishing Tórshavn 1877Newspaper
Eik Banki Financial servicesBanks Tórshavn 1832Financial services
FaroeJet Consumer servicesAirlines Vágar 2005Airline, defunct 2006
Föroya Bjór Consumer goodsBrewers Klaksvík 1888Brewery
Hey TelecommunicationsMobile telecommunications Tórshavn 2000Mobile network
Kringvarp Føroya Consumer servicesBroadcasting & entertainment Tórshavn 1957Public television and radio station
Posta IndustrialsDelivery services Tórshavn 1976Postal services
Restorffs Bryggjarí Consumer goodsBrewers Tórshavn 1849Brewery, defunct 2007
Rúsdrekkasøla Landsins Consumer servicesFood retailers & wholesalers Tórshavn 1992Alcoholic beverages retail
SEV UtilitiesAlternative electricity Tórshavn 1946Power, hydro-electrical
SeWave UtilitiesAlternative electricity Tórshavn [6] 2002Wave farm project
Smyril Line IndustrialsMarine transportation Tórshavn 1983Shipping
Sosialurin Consumer servicesPublishing Tórshavn 1927Newspaper
Strandfaraskip Landsins Consumer servicesTravel & tourism Suðuroy 1917Public transportation
The Faroe Insurance Company FinancialsFull line insurance Tórshavn 1965Insurance


See also

Related Research Articles

<span class="mw-page-title-main">History of the Faroe Islands</span>

The early details of the history of the Faroe Islands are unclear. It is possible that Brendan, an Irish monk, sailed past the islands during his North Atlantic voyage in the 6th century. He saw an 'Island of Sheep' and a 'Paradise of Birds', which some say could be the Faroes with its dense bird population and sheep. This does suggest however that other sailors had got there before him, to bring the sheep. Norsemen settled the Faroe Islands in the 9th or 10th century. The islands were officially converted to Christianity around the year 1000, and became a part of the Kingdom of Norway in 1035. Norwegian rule on the islands continued until 1380, when the islands became part of the dual Denmark–Norway kingdom, under king Olaf II of Denmark.

<span class="mw-page-title-main">Economy of the Faroe Islands</span>

The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product (GDP) of $2.613 billion per annum. GDP increased from DKK 8 billion in 1999, to 21 billion in 2019. The vast majority of Faroese exports, around 90%, consists of fishery products.

<span class="mw-page-title-main">Flag of the Faroe Islands</span> Danish territorial flag

The flag of the Faroe Islands is an offset cross, representing Christianity. It is similar in design to other Nordic flags – a tradition set by the Dannebrog of Denmark, of which the Faroe Islands are an autonomous territory.

<span class="mw-page-title-main">Inatsisartut</span> Greenlandic parliament

The Inatsisartut, also known as the Parliament of Greenland in English, is the unicameral parliament of Greenland, an autonomous territory in the Danish Realm. Established in 1979, it meets in Inatsisartut, on the islet of Nuuk Center in central Nuuk.

Sjálvstýri is a liberal, autonomist political party on the Faroe Islands. It is currently led by the Mayor of Klaksvík, Jógvan Skorheim.

<span class="mw-page-title-main">People's Party (Faroe Islands)</span> Political party in the Faroe Islands

The Faroese People's Party – Radical Self-Government is a pro-Faroese independence conservative and conservative-liberal political party on the Faroe Islands led by Beinir Johannesen. One of the four major parties, it has had eight seats in the Løgting since the 2019 election, making it the joint-largest party, but it has neither of the Faroes' seats in the Folketing.

<span class="mw-page-title-main">LGBT rights in the Faroe Islands</span>

Lesbian, gay, bisexual, and transgender (LGBT) rights in the Faroe Islands are relatively similar to that of Denmark. The progress of LGBT rights has been slower, however. While same-sex sexual activity has been legal in the Faroe Islands since the 1930s, same-sex couples never had a right to a registered partnership. In April 2016, the Løgting passed legislation legalizing civil same-sex marriage on the Faroes, recognizing same-sex marriages established in Denmark and abroad and allowing same-sex adoption. This was ratified by the Folketing in April 2017. The law went into effect on 1 July 2017.

<span class="mw-page-title-main">Danish Realm</span> Kingdom of Denmark and its autonomous territories

The Danish Realm, officially the Kingdom of Denmark, or simply Denmark, is a sovereign state and refers to the area over which the monarch of Denmark is head of state. It consists of metropolitan Denmark—the kingdom's territory in continental Europe and sometimes called "Denmark proper" —and the realm's two autonomous regions: the Faroe Islands in the North Atlantic and Greenland in North America. The relationship between the three parts of the Kingdom is also known as The unity of the Realm.

<span class="mw-page-title-main">Outline of the Faroe Islands</span> Overview of and topical guide to the Faroe Islands

The following outline is provided as an overview of and topical guide to the Faroe Islands:

<span class="mw-page-title-main">Faroe Islands</span> Autonomous territory of the Kingdom of Denmark in the North Atlantic Ocean

The Faroe or Faeroe Islands, or simply the Faroes, are an archipelago in the North Atlantic Ocean and an autonomous territory of the Kingdom of Denmark. The official language of the country is Faroese, which is closely related to and partially mutually intelligible with Icelandic.

<span class="mw-page-title-main">Faroe Islands and the European Union</span> Bilateral relations

The Faroe Islands, a self-governing nation within the Kingdom of Denmark, is not part of the EU, as explicitly asserted by both Rome treaties.

<span class="mw-page-title-main">Høgni Reistrup</span> Musical artist

Høgni Reistrup is a Faroese singer, musician, writer and scientist from Tórshavn, Faroe Islands. He is the co-writer of the book Exit Føroyar ; he wrote it together with Heri á Rógvi. The books was published in 2012 and created a major debate in the Faroe Islands and in Denmark about the problems the Faroe Islands were facing with population decline in the islands, where the biggest problems seemed to be that half of the young people who moved away to study abroad never moved back again; especially the women did not move back again. After a period of six years with negative net migration in the Faroe Islands, the country saw an increase in the population in 2014 and 2015.

<span class="mw-page-title-main">Sjúrður Skaale</span> Faroese politician

Sjúrður Skaale is a Faroese politician, journalist, skydiver, belly dancer, and comedian. He is a member of the Folketing for the Social Democratic Party. From 2008 to 2011 he was a member of the Løgting.

Ebba Hentze was a Faroese writer of children's books and a poet and translator.

<span class="mw-page-title-main">Faroese independence movement</span> Political movement seeking independence of the Faroe Islands from Denmark

The Faroese independence movement, or the Faroese national movement, is a political movement which seeks the establishment of the Faroe Islands as a sovereign state outside of Denmark. Reasons for independence include the linguistic and cultural divide between Denmark and the Faroe Islands as well as their lack of proximity to one another; the Faroe Islands are about 990 km (620 mi) from Danish shores.

<span class="mw-page-title-main">Education in the Faroe Islands</span>

The levels of education in the Faroe Islands are primary, secondary and higher education. Most institutions are funded by the state; there are few private schools in the country. Education is compulsory for 9 years between the ages of 7 and 16.

<span class="mw-page-title-main">Bakkafrost</span> Faroese salmon farming company

P/F Bakkafrost is a Faroese salmon farming company based in Glyvrar on the island of Eysturoy in the Faroe Islands. Bakkafrost is the largest fish farming company in the Faroe Islands, and is the biggest private employer in the islands. Bakkafrost is the third-largest fish farming company in the world.

<span class="mw-page-title-main">Helgi Dam Ziska</span> Faroese chess grandmaster

Helgi Dam Ziska is a Faroese chess Grandmaster. He is the first Faroese player to qualify for the Grandmaster title. Ziska is the top ranked and the highest ever rated player from his country, and has been rated number one amongst Faroese chess players since the age of 16. He has competed at the Chess Olympiad since 2006, representing the Faroe Islands.

Energy in the Faroe Islands is produced primarily from imported fossil fuels, with further contributions from hydro and wind power. Oil products are the main energy source, mainly consumed by fishing vessels and sea transport. Electricity is produced by oil, hydropower and wind farms, mainly by SEV, which is owned by all the municipalities of the Faroe Islands. The Faroe Islands are not connected by power lines with continental Europe, and thus the archipelago cannot import or export electricity.

The COVID-19 pandemic was confirmed to have reached the Faroe Islands, an autonomous territory of Denmark, in March 2020. The confirmed infection rate was 1 case per 280 inhabitants, one of the highest rates in the world, but the archipelago also tested at a very high frequency, with the number of tests equaling c. 34 per cent of the population. As of 28 February 2022, there have been 34648 confirmed cases. Among these, 31 persons have died with COVID-19.

References

    • 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
  1. 1 2 3 Statistics Faroe Islands; Labour Market and Wages Archived 2009-11-13 at the Wayback Machine , accessed 4 August 2009
  2. "Arbeiðsloysið er óbroytt 3,2%" (in Faroese). hagstova.fo. 23 January 2015. Retrieved 3 February 2015.
  3. "Bakkafrost Chief Financial Officer quits". Fishupdate.com. 7 October 2014. Archived from the original on 25 September 2015. Retrieved 23 September 2015.
  4. (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.
  5. "Maintenance Mode". Nordicgreen.net. Retrieved 2018-03-19.