DNV Enters Strategic Partnership with Norwegian StormGeo Group

Press Release
Monday, May 07, 2012

Classification society DNV links with meteorological & risk assessment comopany StormGeo

Oslo/Bergen: DNV has, as part of a strategic partnership with StormGeo, acquired the right to purchase 22,6 % of StormGeo’s shares through a mutually convertible capital issue, putting their weight behind meteorology and risk assessment company. Bjørn K. Haugland, Chief Technology and Sustainability Officer of DNV Group will join the Board of Directors of StormGeo.

The core focus of StormGeo will remain within the fields of oil exploration, renewable energy as well as shipping, media and aviation. Following strong growth since inception in 1998, StormGeo currently operates out of 12 offices in 9 countries. The agreement with DNV will effectively expand the potential footprint of StormGeo. DNV has operations and customers through 300 offices in more than 100 countries.

DNV and StormGeo will co-operate to continue developing risk assessment and efficiency programs for all types of entities operating in rough climates. By coordinating best practice meteorology solutions and products with unique understanding of the performance of each individual entity, StormGeo will allow customers to optimize their operational economics without sacrificing the ultimate focus on safety.

“We are very honored to have been chosen as a partner by DNV,” says Kent Zehetner, the CEO of StormGeo. StormGeo has 104 employees, of which more than 30 are fully employed in R&D developing systems that support the drive for safety and economic efficiency.

DNV say they consider StormGeo’s activities highly complementary to their own existing businesses within maritime, oil and gas energy, renewable energy sustainability and climate change mitigation and adaptation.


 



 

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