The ENI operated exploration well was drilled to a depth of 3,501 metres, and in the primary target the well encountered 106 metres of a water bearing reservoir.
London-listed Faroe had a 20% stake in the well, which will now be plugged and abandoned.
Faroe chief executive Graham Stewart said: “While we are disappointed that no hydrocarbons were present in the Realgrunnen section at this frontier location, the well provides important new data and information which will allow further evaluation of this extensive licence in the Barents Sea province.”
Stewart also highlighted that plans are progressing for the Faroe operated appraisal of the Brasse discovery during the coming summer.
“We are also maturing a number of exciting new drilling targets in Norway with potential to take advantage of the continuing low drilling costs,” he added.