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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Technology

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Maritime Safety

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Consulting

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Vice Presidents Rejig at Caterpillar Inc

Following the previous announcement regarding two group presidents’ retirements and new responsibilities for another group president, Caterpillar Inc. (NYSE: CAT)

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar Winch
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: 0.1839 sec (5 req/sec)