Archive 2014

//Archive 2014

Gaining Higher Ground

Click here to view PDF… Amid losses on exploration wells in 2013, Atlantic Petroleum added significantly to its reserves and resources and increased its exploration portfolio to its largest ever — as production revenues look poised for new heights. Last year (2013) saw Faroese exploration and production independent Atlantic Petroleum increase its exploration portfolio to record levels while at the same adding dramatically to its prospective resources, which amounted to 50 million barrels of oil equivalent at year end. Meanwhile Atlantic Petroleum was floated on the Oslo Stock Exchange in a successful equity raise that netted the company 115M dkk (15.4M eur). With production assets maturing, however, and their replacements yet to be developed into producing fields, the fiscal year ended in the red. […]

May 1st, 2015|Archive 2014|0 Comments

Fresh Inroads for Salmon, Saithe

Click here to view PDF… Fresh fish specialist Landshandilin grows market share for Atlantic salmon in China, Russia and California — as fillets and loins of MSC certified saithe lure retail chains in Germany to place more orders and take larger volumes. Landshandilin, one of the Faroe Islands’ leading and most experienced seafood traders, is making new advances in key markets in China, Russia, the United States and Germany. According to managing partner Finn Rasmussen, salmon products are opening new doors in major seafood markets in cities across China and Russia as well as in California, while fillets and loins of saithe are bringing in new buyers in several places in Germany. The fresh fish specialist was recently awarded the Marine Stewardship Council’s chain of custody certificate for saithe products sourced from Faroe Origin. […]

September 12th, 2014|Archive 2014|0 Comments

Alive and Kicking

The demise of the seafood sector has been greatly exaggerated in the Faroes, where the specter of legislative change continues to spread uncertainty in the fishing industry — while aquaculture grows with leaps and bounds to rival wild fish catch in export value. Changes happen quickly even in the remote and rocky Faroe Islands, and the seafood industry is no exception to the rule. Gone are the days when cod was king or herring ruled the universe of the resource-rich archipelago. Today’s gold is known as farmed Atlantic salmon. From 2009 to 2013, the export value of products made from this species doubled to 2.5 billion dkk (328.5 million eur), according to Statistics Faroes. […]

June 19th, 2014|Archive 2014|0 Comments

Making the Connections

Click here to view PDF... Continuing to build links to sister organisations in neighboring countries, FOÍB, representing oil companies holding licenses in the Faroes, is recognized as a significant player in all matters related to offshore energy. Under the stewardship of Jan Müller as Managing Director since 2011, FOÍB, once barely visible to the public eye, [...]

May 1st, 2014|Archive 2014|0 Comments

Skilled Manpower for Offshore Industry

Click here to view PDF… Having supplied engineers and craftsmen to the oil and gas industry since 1998, PAM Offshore Service is upping its effort to help oilfield services companies build modules and components for Norway’s energy infrastructure. PAM Offshore Service is stepping up its effort to provide Norway’s booming offshore industry with skilled manpower from the Faroe Islands. According to CEO Mouritz Mohr, the clients are mostly leading oilfield services companies including construction firms and shipyards involved in energy infrastructure projects. PAM Offshore Service, a subsidiary of Faroese shipyard and engineering company MEST, has an active pool of around 220 engineers, electricians and craftsmen, most of whom work regularly in the Norwegian offshore industry. […]

May 1st, 2014|Archive 2014|0 Comments

More Oil & Gas Related Business

Click here to view PDF… As the Faroese become increasingly involved in the oil and gas industry, more and more repair and maintenance orders from offshore support vessels are booked with the MEST shipyard and engineering company. The two exploration wells to be drilled offshore the Faroe Islands this summer (2014) will doubtlessly amplify a message that is already resonating in the Faroese business community — the oil and gas industry is moving closer. Two Faroese shipping companies, so far, have managed to establish themselves internationally with their fleets of offshore support vessels; both will be involved in this year’s drilling on the Brugdan II and Sula Stelkur prospects. In the hundreds of million euros, the investments associated with the Statoil-operated exploration wells are record-breaking by Faroese standards. […]

May 1st, 2014|Archive 2014|0 Comments

DONG Reinforces Commitment to Faroes

Click here to view PDF… A partner in the Sula Stelkur prospect which will be drilled this summer, DONG Energy increases its acreage on the Faroese Continental Shelf to become a major player on both sides of the Faroe-Shetland Basin. Increasing its acreage in the Faroes by two licenses last year (2013), Denmark’s DONG Energy believes strongly that a commercial oil or gas find in the area is plausible in the near future. With interests in a total 31 licenses near the Faroe Islands and the West of Shetland area, DONG Energy’s oil and gas exploration and production unit DONG E&P has become a leading player in the region. […]

May 1st, 2014|Archive 2014|0 Comments

Local Players Extend Global Reach

Click here to view PDF… Transformed from a domestic fishing business to an international operator of platform supply vessels with activities off East Africa as well as in the North Sea, Skansi Offshore is attracting talent to build a Faroese merchant shipping sector. With assets worth 1.6 billion dkk (214 million eur) spread over five top-of-the-line platform supply vessels, Skansi Offshore is fast becoming the epitome of a new breed of successful Faroese shipping companies. Since its entry into the offshore business, the company — originally part of a fishing conglomerate owned by Tummas Justinussen and his family — has seen rapid growth following its baptism of fire as it took delivery of its first PSV in 2009. By the time a fifth new PSV was added to its fleet, in 2013, a remarkable transformation of the company had taken place. Still family owned but now together with several external investors, Skansi Offshore has had a strong launch, winning contracts with the likes of Statoil, BG Group and BP Norge. […]

May 1st, 2014|Archive 2014|0 Comments

QHSE: Tightening Up Standards

Click here to view PDF… As QHSE standards continue to rise in the offshore oil and gas industry, Atlantic Supply Base pushes the envelope on its own operations while increasing compliance requirements for its subcontractors — disrupting the status quo.. In the period leading to this year’s (2014) exploration activities offshore the Faroe Islands, the country’s only oil supply base has been undergoing a fresh round of facilities maintenance alongside a review of procedures and polices relating to QHSE (quality, health, safety, environment) management. In the process Atlantic Supply Base has advised local subcontractors on the latest compliance requirements for working with the offshore oil and gas industry — raising an eyebrow or two, according to ASB managing director Eli Lassen. “The oil and gas industry operates under very strict QHSE standards and these standards are frequently updated,” he said. […]

May 1st, 2014|Archive 2014|0 Comments

Thor to Accelerate Expansion

Click here to view PDF… Thor is ready for rapid expansion — with four new seismic support vessels under construction and the option of ordering more, plus a set of new chase boats on the drawing board specially designed to work with the new SSVs. Faroese offshore shipping company Thor has a record-breaking fleet renewal program underway after the largest business deal in its history — a longterm contract with Norway’s Petroleum Geo-Services — was signed in late 2012. The contract was sealed with Thor’s shipbuilding order of four new state-of-the-art seismic support vessels; furthermore, additional newbuild orders could be forthcoming. The PGS deal, which comes with an option to extend the contract or add more vessels to a similar contract, clears the way for Thor to increase its service capacity and expand its market reach, said Managing Director of Operations Gunnbjørn Joensen. […]

May 1st, 2014|Archive 2014|0 Comments
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