DNV Reports Strong half-year Performance

MarineLink.com
Wednesday, September 04, 2013

A focus on safety, service quality and the ability to provide leading-edge technology advice and solutions have contributed to the strong half-year performance for Det Norske Veritas Group AS (DNV). Revenues amounted to NOK 6,665 million and DNV strengthened its global position in all its key areas.

While the industries served by DNV experience cyclical markets and are sensitive to global economic developments, DNV’s financial performance remains robust.

The DNV Group achieved a strong first half-year performance, with nominal revenue growth of 13% over prior year to NOK 6,665 million. Organic growth was 5%. Maritime and Oil & Gas delivered robust organic growth rates, primarily due to DNV’s classification and verification services. The half-year figures also show healthy financial results for other business areas and global services.

The net profit for the period reached NOK 417 million. This was up from NOK 202 million in the previous year as the Group continues its program to realize its 2015 strategy plan. Overall, DNV has a strong balance sheet with no interest-bearing debt and total equity of NOK 5,332 million or 51% of its total assets.

Growth potential
“Our strong focus on safety and service quality and ability to provide innovative services are helping to position us for the future and better serve our customers,” said DNV Group Chief Executive Officer Henrik O. Madsen and adds, “Our financial strength is crucial in maintaining DNV’s independent role as one of the world’s leading and trusted technology and risk management service providers to what is often referred to as the Testing, Inspection and Certification industry. This is a €150 billion industry, of which some two-thirds consist of customers’ in-house activities while the remaining one-third consists of the activities of external parties, such as DNV. Outsourcing is a global trend and a strong growth driver for this market.”

Thomas Vogth-Eriksen, DNV Group Chief Financial Officer commented, “So far, 2013 has been a strong year for DNV. Overall, we have exceeded our targets and are performing well in challenging markets. The external revenue for the first half of 2013 amounted to NOK 6,665 million, producing an EBITA of NOK 686 million. The nominal growth rate was 13%, while the organic and currency-adjusted growth rate was 5% and the EBITA margin was 10.3%. A further strengthening of the Group’s financial performance is projected for the second half-year. We expect to achieve organic revenue growth of 6% and an EBITA margin of approximately 11.5% for the full year 2013.”

DNV and GL joining forces

“Certainly, we are demonstrating that our adaptability to new and developing situations, coupled with our sound market standing and the DNV GL merger agreement which we announced in December 2012, forms an excellent foundation for the future. As concerns the merger, we have achieved clearance from the competition authorities in three of the four required jurisdictions: South Korea, the U.S. and the EU. We hope to receive clearance from Chinese competition authorities shortly and are, pending their decision, currently looking at officially closing the merger transaction sometime this month,” said Madsen.

“Given the timeline, the past six months laid emphasis on integration planning so that we are ready to start operating as one company as soon as possible. This will allow our customers to benefit from dealing with a stronger company without experiencing disruption to their business dealings with DNV or GL,” added Vogth-Eriksen

“I firmly believe that DNV and GL is good for our customers, employees and other stakeholders,” emphasized Madsen and concluded, “Once merged, we look forward to offering the best capabilities of our respective organisations to further advance the industries we serve. We will have the global positions, expertise and resources required to provide guidance and support in a business environment where the need for independent technical skills and risk management is clearly evident. I really look forward to leading the new company and showing customers, employees and society at large how we create more value, offer more opportunities and contribute to a safer and more sustainable future.”

dnv.com
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Interview: Nakilat's Samir Bailouni

SGMF Membership - Uncovered: An interview with Samir Bailouni, Nakilat The Society for Gas and Marine Fuel (SGMF) recently interviewed one of its members, Samir

First Deep Sea Exploration of the Perth Canyon Begins Today

The first deep-sea exploration of the Perth Canyon, Australia's largest undersea valley, will launch today, Phys.org is reporting. The 12-day expedition is backed

Eniram to Provide Boil-off Management for LNG Sector

Eniram Limited, the Finnish provider of energy management technology and data analytic services to the shipping industry, announced that it is releasing an onboard

Finance

Cheap Oil Threatens Debt Squeeze for Smaller North Sea Producers

Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves,

Royal Caribbean to Sell Splendour of the Seas

Royal Caribbean Cruises Ltd. announced that it has entered into an agreement to sell its cruise ship Splendour of the Seas to TUI Cruises in the second quarter of 2016.

Johan Sverdrup Contract to "Pioneering Spirit"

Statoil has signed a contract with Allseas for installation of three platform topsides on the Johan Sverdrup field.   The vessel will be installing the topsides for the drilling,

News

Apprentices Graduate to Newport News Shipbuilding

Huntington Ingalls Industries (HII) hosted commencement exercises Saturday to graduate 157 apprentices from the company's Apprentice School located at Newport News Shipbuilding.

Elcome Enters Sales, Service Deal with JRC

Elcome International has signed a distribution agreement with Japan Radio Company (JRC) and its technology partner Alphatron Marine.   Under the agreement, the

Her Majesty The Queen to Name Britannia

Her Majesty The Queen, accompanied by His Royal Highness The Duke of Edinburgh, will name the new P&O Cruises vessel Britannia in Southampton on March 10, 2015, P&O Cruises announced.

Maritime Safety

Clyde Marine Training Reports Short Course Milestone

Clyde Marine Training informs it has reached a milestone this week, welcoming its 10,000th person to successfully complete one of its marine short courses. Christopher

Italy to Begin Naval Exercises off Libya

Italy will begin annual naval exercises this week near the coast of Libya, where a breakdown in order has allowed tens of thousands of migrants to try to reach

Hijacked Indonesian Vessel Found in Philippines

The hijacked Indonesian cargo ship Rehoboth has been found abandoned in waters off Mati town in Davao Oriental province off the southern Philippines coast, says the  the Philippine Coast Guard (PCG).

Consulting

India to Appoint Coastal Shipping Consultant

As part of Narendra Modi government plan to promote coastal shipping, India is all set to appoint a consultancy firm to assist the Shipping Ministry.    The

ST Engineering Y-O-Y Profits Slip

Singapore Technologies Engineering Ltd  reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.

USCG Foundation Announces Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced today that

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5389 sec (2 req/sec)