Class societies DNV and GL to merge

12/20/2012

HAMBURG/OSLO - An agreement has been signed to merge DNV and GL, the two organizations announced today. The new entity will be called DNV GL Group. The companies believe the combined group “will be one of the world’s leading ship classification societies and risk experts in the oil and gas, renewable energy and power sectors, and among the global top three within management system certification.”

“The merger rests on a strong strategic rationale, and responds to challenges of increased globalisation, rapid technological change and the need for sustainable development. Our customers will benefit from an increased service offering and global competence base as well as one of the densest networks,” said DNV’s group CEO, Henrik O. Madsen, in a statement. He will be the CEO of the combined new company. “The merger with DNV supports our long-term goal of being recognized as one of the most respected technical assurance and advisory companies in the world,” added GL group CEO, Erik van der Noordaa, in the release.

By combining, according to the press release “the two international organisations, the new company will be one of the world’s leading independent technical service providers with state-of-the-art technological expertise and strong capabilities for innovation.” The new group will have more than 17,000 employees and a global network of offices.

The DNV Foundation will hold 63.5 percent, while GL’s owner Mayfair SE will hold 36.5 percent of the shares. The new company, with a combined turnover of some EUR 2.5 billion, will be headquartered and registered in Norway.

DNV GL Group will operate in the business segments Maritime, Oil & Gas, Energy and Business Assurance. Its global headquarters will be at Høvik outside of Oslo.

The maritime business unit will be headquartered in Hamburg, Germany, while maintaining its commitment to the Norwegian maritime cluster. Oil & Gas will be headquartered at Høvik, Norway, while Energy will be headquartered in Arnhem, the Netherlands and Business Assurance in Milan, Italy. DNV GL Group will be organised as a Norwegian limited company (AS).

The transaction requires approval from competition authorities.

1/17/2013 5:00:11 PM David Lemoine says:
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