DNV, GL Group merges

An agreement has been signed to merge Det Norske Veritas (DNV) of Norway and Germanischer Lloyd (GL) Group of Germany. The new entity will be called DNV GL Group. It 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 two companies have a common set of values and complementary strengths. Both have well-known brands and solid market positions as well as a reputation for high quality and strong integrity. By combining the two international organisations, the new company will be one of the most respected 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. The DNV Foundation will hold 63.5%, while GL's owner Mayfair will hold 36.5% of the shares. The new company, with a combined turnover of some EUR 2.5 billion, will be headquartered and registered in Norway. The merger with DNV supports GL Group's long-term goal of being recognized as one of the most respected classification societies and technical assurance and advisory companies in the world. DNV GL Group will strengthen its foothold in several areas of expertise. With regard to Maritime, there will be a wide and deep service offering across all ship segments and a comprehensive portfolio of maritime advisory services. In the Oil and Gas segment, the group will have in-depth expertise in the entire oil and gas value chain. The Group will also be one of the global leaders in Pipeline Verification, Safety, Risk and Integrity Services as well as Offshore Operations. Moreover, renewable energy will continue to be one of the strongholds of the Group. To enhance its service offering, the Group will strengthen its focus on R&D and innovation. DNV is an ideal partner for GL Group due to its proven technical expertise, advanced methodologies and culture of innovation. While it had been a tough competitor of GL for decades it is highly respected by clients worldwide for its strong technological focus and innovative and sustainable R&D. DNV has a large global network in place and maintains a number of cooperation with various stakeholders in many countries. The company shares a similar philosophy on consultancy reflecting future solutions for environmental issues and sustainability. DNV enjoys good client relations, an excellent reputation in the maritime world as well as oil and gas and energy stakeholders, for its safety, quality and efficiency approach. As a forward looking organisation it follows a long term perspective with a focus on strategic issues far beyond shipping and energy markets. For our employees, the joint Group will provide excellent career opportunities as one of the most recognized companies in many different markets. The merger will offer substantial benefits for all clients in all business segments in terms of scope of services, the level of support and client focus. DNV GL Group's 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 with a major hub for renewable energy in Bristol, UK, 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. Until closure, DNV and GL will continue to be competitors.