BV Sees Growth

May 28, 2002

International classification society Bureau Veritas (BV) saw turnover grow strongly again last year, making it the only classification and certification society to top Euro1bn of business in 2001. Since 1995 Bureau Veritas has registered an average annual growth of 18 percent, during which time it has tripled its turnover. Turnover, at $929 million, was up 19 percent on 2000, against a background of contracting markets worldwide. Operating profits grew 23 percent to Euro99.5m. "These results confirm Bureau Veritas as the strongest group in classification and certification," says Bernard Anne, executive Vice President and Managing Director of BV's Marine Division. "They also demonstrate that BV's focus on customer service pays off. We have more business, better business, and are better able to make the investments in R&D and staff training which our clients need." BV's marine division results grew 13.3 percent last year, and formed the third largest contribution to the BV group figures, surpassed only by industrial services and construction. "The marine division is at the heart of BV," says Anne. "We are the backbone of BV's world wide network, and every part of BV gains from the synergies of working with our cutting edge research into IT and risk-based systems." Key points for the marine division performance during 2001 were: * Classed fleet grew to record 38m gt. Average age of the fleet fell. * BV's share of new orders grew to 10 per cent, up from 8 percent in 2000. * Fleet monitoring programme bit hard, sending 411 ships out of the fleet for quality reasons. * Detention ratios remained on track, with BV retaining its top group/zero points status with the USCG. * Over 400 surveyors world wide examined and results collated in largest ever exercise to focus training and motivate staff. * BP recognized BV CAP as meeting all its quality requirements. * Twelve new large LNG carriers were ordered to BV class, and BV led the way in new technology for LNG transportation, producing unique new rules for low-pressure dual fuel engines, approving the CS1 membrane system and completing research on partial loading of LNG tanks. BV is also involved in the EP Energy Bridge system developed by El Paso for linking new gas supplies to growing markets throughout the world. * Offshore services also grew strongly, as VeriSTAR Hull became the user-friendly system of choice for hull maintenance of FPSOs.

BV Sees Growth

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