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

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

Petrobras P-66 Platform Module to Boost Production

The P-66 platform’s first modules, built at the Tomé Ferrostaal Consortium’s Module Plant located at the Port of Maceió, Alagoas, are now ready and loaded on the São Tomé barge.

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Technology

GAC Starts Green Hull Cleaning Operations in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

Fukushima Experimental Offshore Floating Wind Farm Project Update

A consortium comprised of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi, Mitsubishi Heavy Industries, Japan Marine United,

Marine Renewable Energy Testing Facility in Singapore Mooted

ClassNK has launched of a feasibility study for a new marine renewable energy testing facility to be built in Singapore. The announcement was made at the 2014

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

News

USCG Cutter Diligence Returns

The crew of Coast Guard Cutter Diligence returned to Wilmington following a 45-day patrol in the Caribbean Sea. While on patrol, Diligence served as the

Southern California Port Congestion

Hapag-Lloyd informs about the congestion at the ports of Los Angeles and Long Beach that has reached a critical point. I. Several container ships are anchoring

GAC Starts Green Hull Cleaning Operations in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

Maritime Safety

USCG Cutter Diligence Returns

The crew of Coast Guard Cutter Diligence returned to Wilmington following a 45-day patrol in the Caribbean Sea. While on patrol, Diligence served as the

Industrial Pressure Washers Kill Viruses

Water Cannon pressure washers utilized to fight influenza - clean and sanitize large areas Water Cannon Pressure Washers deliver a wide swath of low pressure 180 degree F.

Partnerships Key to Caribbean Maritime Security

Planning and execution of port and maritime safety and security in Caribbean region is all about partnerships Maritime security and safety experts are meeting in Nassau,

Consulting

SMC to Provide Marine Coordination for Siemens

Specialist Marine Consultants Ltd (SMC) have been working with Siemens, providing offshore marine coordination for a fifth Siemens Wind Power construction project.

Good Performance by Dun & Bradstreet in 3Q 2014

Dun & Bradstreet, the world's leading source of commercial information and insight on businesses, today reported results for the third quarter ended September 30, 2014.

Schlumberger Introduces New Well Integrity Service

Schlumberger announced today the release of Invizion Evaluation* well integrity service, which helps operators evaluate zonal isolation by using integrated drilling, cementing and well logging data.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1812 sec (6 req/sec)