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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According to Marine Harvest Faroes, the ideal place for Atlantic salmon farming has to be close to the natural home of the wild species — and to include a diet consisting of marine feed sourced in the fish’s own natural environment.

Backed by the expertise and muscle of the world’s largest seafood company, Marine Harvest Faroes presents a convincing case for its product — farmed Atlantic salmon bred and grown in a place that offers the optimal nutrition and natural environment together with the most effective practice and legislation to prevent disease and pollution.

“It’s essentially about the marine environment in the Faroe Islands, which is also host to wild Atlantic salmon,” says sales manager Hans Jákup Mikkelsen. “It’s about the fact that our farmed salmon here is fed with marine feed made from fresh fish caught in the same environment; and it’s about superb product quality achieved through the high levels of health and welfare enjoyed by this salmon.”

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Alongside its traditional role as a shipbuilder and repairer, MEST has grown into a multifaceted company with a growing interest in high-tech equipment for fish processing on land and at sea.

The Faroese shipyard company MEST is diversifying its business by placing added emphasis on advanced fish processing equipment. With considerable resources put into the Processing business unit, a significant part of the company’s projected growth is being linked to the development of high-tech equipment for fish processing systems both ashore and at sea.

A prototype auto feeder for an Eysturoy-based saltfish producer has been patented and is undergoing rigorous testing under real conditions on the factory floor. According to MEST chief executive Frithleif Olsen, the customer is happy with the solutions that MEST Processing’s technicians and designers have come up with to build automated strategies for reducing manual labor.

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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.