The company was founded in November 1993 and the shareholders are 94 inhabitants in the town Hvalba on Suğuroy.

The inhabitants of Hvalba make their living from the fishing industry, some on board the trawlers and others in the local fish-processing plant.

M/T Niels Pauli fishes mainly in deep-sea waters around the Faroe Islands. The main catch is redfish; other types are blue ling, saith and Greenland turbot. Cod has also become interesting as the catch quota of cod in Faroese territorial waters has increased. However, redfish has the greatest value for the income of the company. The redfish is cut into fillets, which are exported mainly to Germany; other markets are France, Holland and Belgium.

As quotas have been put on all fish around the Faroes, it is of great importance that the company gets the highest possible price for each kilo. Therefore, the quality of the product is more important than the quantity.

There is no doubt that Niels Pauli Ltd has been one of the leading companies inrelation to both quality and quantity.

The management of Niels Pauli Ltd is unusual, as the members of the board and the Managing Director are members of the crew. The manager, Sveinur Poulsen is the captain of M/T Niels Pauli. This kind of organization increases the standard of work, regarding both quality and quantity.