DNV Sells Its Bunker Fuel Services Subsidiary

MarineLink.com
Wednesday, October 02, 2013
DNV GL Group CEO Henrik O. Madsen

Funds managed by IK Investment Partners (IK) have entered into an agreement with the Norwegian foundation Det Norske Veritas (DNV), to acquire its subsidiary DNV Petroleum Services (DNVPS), a global leader in fuel management services. Financial details for the transaction were not disclosed.

Founded by the Norwegian foundation DNV in 1981, DNVPS is a leading global provider of fuel management services for the maritime and power sectors with customers including ship owners, managers and charterers as well as power plant operators. The company primarily operates within two segments, Fuel Quality Testing and Bunker Quantity Surveys, having pioneered the development of and were introduced in 1981 and 1987, respectively. DNVPS is currently the market leader within fuel quality testing with approximately half of the global contracted volume.

DNVPS has experienced strong growth since inception, reaching USD 50-million in revenue with a business model resilient to cyclical freight rates. Headquartered in Singapore, the company employs 220 staff and has offices in Rotterdam, Houston, Fujairah and Oslo with four strategically located ISO 17025 accredited and specialised laboratories, supported by sales and customer support in 150 key shipping clusters. The business is uniquely positioned to provide fuel and cost-efficiency solutions and ensure regulatory compliance to its long-standing customer base.

“The sale is a strategic decision, based on a review of the DNV Foundation’s total portfolio of activities following the DNV GL merger. DNVPS was not part of the merger process and has remained with the DNV Foundation. We believe the new ownership will provide DNVPS with a stronger platform and better focus for delivering on its strategic ambitions,” said Henrik O. Madsen, President and CEO DNV GL Group.

Eirik Andreassen, who will remain as Managing Director of DNVPS, said: "This is a defining moment for DNVPS as we are poised for growth with IK. Opportunities will come from sharpening our focus on our clients’ needs, building on our global leadership position, expanding our high-quality service offerings and R&D capabilities and leveraging our fuel quality testing database to create value and develop innovative services and products. We are also pleased to maintain close ties and collaborate with DNV so that clients can benefit from our enhanced capabilities.”
 

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Fuels & Lubes

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Wärtsilä to Begin Building LNG Terminal in January

Wärtsilä has been given full notice to proceed (NTP) from Manga LNG Oy for the supply of a liquefied natural gas (LNG) import terminal in Tornio, Northern Finland.

Italian Shipbuilder Pleads Guilty to Environmental Crimes

An Italian shipping firm based in Genoa, Italy, pleaded guilty to violating the Act to Prevent Pollution from Ships by falsifying required ships’ documents to hide

Classification Societies

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

LR Supports Chinese Recycling Yards' EU Application

LR’s initial verification of the Ship Recycling Facility Plans for both Zhoushan Changhong International Ship Recycling Co. Ltd. and Jiangyin Xiagang Changjiang

Mergers & Acquisitions

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Teekay Tankers to Acquire 5 Tankers

Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines 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: 0.1316 sec (8 req/sec)