Farice hf was established in September 2002 for the purpose of preparing and managing the new connection. Great emphasis was put on gathering a broad alliance behind Farice and the new cable given the great public importance to both Iceland and the Faroe Islands.

80% of Farice's shares are owned by Icelandic shareholders, while 20% are owned by Faeroese shareholders. In December 2003 the three largest Icelandic shareholders established a holding company by the name of Eignarhaldsfélagið Farice ehf, (often referred to as E-Farice) that owns their shares in Farice hf. The DANICE submarine cable was implemented by E-Farice.

The shareholders of E-Farice are:

The shareholders of Farice are:

• E-Farice (Iceland)
• Faeroese Telecom (Faroe Islands)
• Vodafone (Faroe Islands)
• Other Faeroese and Icelandic operators.