DNV and GL join to form mega-class society

20 Dec 2012
DNV CEO Henrik Madsen, who will act as CEO of the new combined company says, “our customers will benefit from an increased service offering”

DNV CEO Henrik Madsen, who will act as CEO of the new combined company says, “our customers will benefit from an increased service offering”

Oslo-based classification society Det Norske Veritas has announced that it has concluded an agreement to merge with another major class society, Germanischer Lloyd. The new entity will be known as DNV GL Group.

The DNV Foundation will hold 63.5 %, while GL’s owner Mayfair SE will hold 36.5 % of the shares. The new company, with a combined turnover of some €2.5 billion, will be headquartered and registered in Norway. The two societies have a history of cooperation, having previously discussed closer arrangements both in 1999/2000 and in 2006.

DNV says that the combination of the two international organisations will create “one of the world’s leading independent technical service providers with state-of-the-art technological expertise and strong capabilities for innovation. With more than 17.000 employees and an extensive global network of offices, DNV GL Group is positioned to meet increased international competition and even better serve the needs of the customers.”

DNV’s Group CEO, Henrik O. Madsen, will be the CEO of the new company. He said: “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.”

“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.

“We see this as a good strategic match. The two companies have a common set of values and complementary strengths. Both have strong brands and solid market positions as well as a reputation for high quality and strong integrity,” says Leif-Arne Langøy, the chairman of DNV’s board of directors.

DNV GL Group will operate in business segments Maritime, Oil & Gas, Energy and Business Assurance. Its global headquarters will be at Høvik, near 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 is subject to approval from competition authorities.

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