Formo also won two bronze medals at the FIS Nordic World Ski Championships in the 4 × 10 km relay (1974, 1978).

Formo also competed in orienteering, winning a bronze medal in the relay at the 1974 world championships, where he also placed ninth in the individual contest.

He won a number of awards for his accomplishments within sports, notably the Holmenkollen medal in 1975 (shared with Gerhard Grimmer and his good friend and rival Oddvar Brå) and Egebergs Ærespris in 1973.

After retiring as an athlete he had a successful career as a businessman, and served as chairman of the cross-country committee (1983–1988) in the International Ski Federation.

Formo was found drowned in the lake Store Sandungen in Nordmarka, the forests surrounding Oslo.