In 2014, IRIS achieved good academic and financial results from its operations. Norwegian authorities actively focus on research and have launched a long-term strategy for research that strengthens several of our major disciplines, including marine research, energy and innovation research. However, in a short-term perspective, we recognize a decline in the market for research within oil and gas. This is primarily connected to cost saving measures in the industry, due to low oil prices and the need for general cost reductions across the businesses. IRIS approaches this market change in an aggressive manner by seeking new customers and new markets for its expertise and technology. Examples include new initiatives towards health research and applied ICT.
During the past year we also spotted the outlines of a new institutional landscape for universities and colleges. This will to some extent affect the research institute sector, where a process of cooperation, concentration and sharing of tasks (SAK) is expected. IRIS will be active in this process to strengthen our academic activities and to achieve our ambitions to become an even more robust and leading research institute within our priority areas.
In conclusion; the Board wish to thank clients, partners and other supporters for a good cooperation. The Board also thank employees for their untiring efforts and good results in 2014.