List of companies of the Faroe Islands

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

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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
Status: P=Private, S=State; A=Active, D=Defunct
Name Industry Sector Headquarters Founded Notes Status
   
Atlantic Airways Consumer services Airlines Sørvágur 1987 Airline P A
Atlantic Petroleum Oil & gas Exploration & production Tórshavn 1998 Private oil and gas exploration P A
Bakkafrost Consumer goods Farming & fishing Glyvrar 1968 Salmon farming P A
BankNordik Financials Services Banks Tórshavn 1906 Financial Services P A
Dimmalætting Consumer services Publishing Tórshavn 1877 Newspaper P A
Eik Banki Financial services Banks Tórshavn 1832 Financial services P A
FaroeJet Consumer services Airlines Vágar 2005 Airline, defunct 2006 P D
Föroya Bjór Consumer goods Brewers Klaksvík 1888 Brewery P A
Hey Telecommunications Mobile telecommunications Tórshavn 2000 Mobile network P A
Kringvarp Føroya Consumer services Broadcasting & entertainment Tórshavn 1957 Public television and radio station P A
Posta Industrials Delivery services Tórshavn 1976 Postal services P A
Restorffs Bryggjarí Consumer goods Brewers Tórshavn 1849 Brewery, defunct 2007 P D
Rúsdrekkasøla Landsins Consumer services Food retailers & wholesalers Tórshavn 1992 Alcoholic beverages retail P A
SEV Utilities Alternative electricity Tórshavn 1946 Power, hydro-electrical S A
SeWave Utilities Alternative electricity Tórshavn[6] 2002 Wave farm project P A
Smyril Line Industrials Marine transportation Tórshavn 1983 Shipping P A
Sosialurin Consumer services Publishing Tórshavn 1927 Newspaper P A
Strandfaraskip Landsins Consumer services Travel & tourism Suðuroy 1917 Public transportation S A
The Faroe Insurance Company Financials Full line insurance Tórshavn 1965 Insurance P A


See also

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References

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  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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