AGM of Greenland Oil Spill Response Ltd.

Greenland Oil Spill Response Ltd. held its annual general meeting (AGM) and announced the company’s financial results for 2013 on 18 June 2014.

After the founding of the company in July 2012, the company has just released its first annual report covering a full financial year. The result after tax was a loss of DKK 47,950.

In comparison with the company’s activities in 2013, the result is considered satisfactory.

The company is still in a startup phase where it is still trying to find its place in a relatively new market. This has affected the financial results for 2013.

Besides that, the financial results for 2013 is characterized by the fact that fewer oil exploration activities than expected took place in 2013, also the late allocation of new oil exploration licenses in Northeast Greenland has generated less income than expected.

"The Government of Greenland is aware that Greenland Oil Spill Response Ltd. is still under development, and that the company must navigate through a relatively young and immature market, which of course sets some limitations. It is therefore satisfactory to see how the management is actively using the current time to shape the company in accordance to customer needs and desires, but also focuses on how the company can make use of local actors to ensure a social anchor. The Government is looking forward to following this development and hopes and expects that the company reaches the goals that have been set, "says Premier Ms Hammond.

Local forces are part of the company's future plans

The management of Greenland Oil Spill Response has despite the challenges focused on how the company can make use of local forces to ensure a local and faster oil spill response.

The company's equipment will this year due to logistical considerations be moved to Nuuk and Aasiaat, which allows the company to create a semi-voluntary response in these towns in the future. The local response organisations will be able to accommodate up to 20 volunteers in each town, and the objective is to have the volunteers fully trained within a period of eighteen months. In the long term it is also the intention to train more volunteers in other cities, when activity in the industry will hopefully increase.

The company has also taken the first tentative steps towards establishing these local response organisation by employing a former firefighter from Qaqortoq as operations manager. He has now started to undergo internationally recognized oil spill response training, which among other things means that the company in the future will be able to offer relevant and industry recognized training for potential volunteers in Greenland.

"The Government of Greenland is pleased that the company is aware of the opportunities that society can offer and welcomes this development, where the objective is to create and train local responders," says Premier Ms Hammond.

At the AGM, the Company's Board of Directors were re-elected and therefore still consists of Steen Ove Hansen, Oddbjørge Varhaug Greiner and Hanne Berthels.