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DNV And GL Merger Creates Leading Ship Classification Society And Risk Expert In Oil And Gas Sector

HAMBURG, Germany & OSLO, Norway -- An agreement has been signed to merge DNV and GL. The new entity will be called DNV GL Group. It will be one of the world’s leading ship classification societies and risk experts in the oil and gas, renewable energy and power sectors, and among the global top three within management system certification.

“The merger rests on a strong strategic rationale, and responds to challenges of increased globalization, rapid technological change and the need for sustainable development. Our customers will benefit from an increased service offering and global competence base as well as one of the densest networks,” says DNV’s Group CEO, Henrik O. Madsen, who will be the CEO of the combined new company.

“The merger with DNV supports our long-term goal of being recognized as one of the most respected technical assurance and advisory companies in the world,” adds GL Group CEO Erik van der Noordaa.

By combining the two international organizations, the new company will be one of the world’s leading independent technical service providers with state-of-the-art technological expertise and strong capabilities for innovation. With more than 17,000 employees and an extensive global network of offices, DNV GL Group is positioned to meet increased international competition and even better serve the needs of the customers.

The DNV Foundation will hold 63.5 per cent, while GL’s owner Mayfair SE will hold 36.5 per cent of the shares. The new company, with a combined turnover of some EUR 2.5 billion, will be headquartered and registered in Norway.

“We see this as a good strategic match. The two companies have a common set of values and complementary strengths. Both have strong brands and solid market positions as well as a reputation for high quality and strong integrity. There were negotiations between DNV and GL both in 1999/2000 and in 2006 about closer cooperation. I am very pleased that timing now seems to be right,” says Leif-Arne Langøy, the chairman of DNV’s board of directors.

“DNV is the partner of choice for GL. Besides DNV’s clear commitment to Hamburg our decision for this partnership is based on the complementary fit of DNV and GL as well as the joint ambition for innovation and quality of both companies. As a long-term oriented shareholder we consider this partnership to be the continuation of our successful investment in Germanischer Lloyd,” says Guenter Herz, chairman of Mayfair SE.

DNV GL Group will strengthen its foothold in several areas of expertise, including the maritime segment and across the entire oil and gas value chains. The Group will be one of the global leaders in pipeline verification and asset integrity services as well as in renewable energy certification and advisory services. Moreover, it will be a strong player within power transmission and distribution as well as testing and certification services. To enhance its service offering the DNV GL Group will strengthen its focus on R&D and innovation.

DNV GL Group will operate in the business segments Maritime, Oil & Gas, Energy and Business Assurance. Its global headquarters will be at Høvik outside of Oslo.

The maritime business unit will be headquartered in Hamburg, Germany, while maintaining its commitment to the Norwegian maritime cluster. Oil & Gas will be headquartered at Høvik, Norway, while Energy will be headquartered in Arnhem, the Netherlands and Business Assurance in Milan, Italy. DNV GL Group will be organized as a Norwegian limited company (AS). The transaction requires approval from competition authorities.

GL provides classification, verification and engineering consulting services to the maritime, renewables and oil and gas industries. The group has offices in more than 80 countries and operates more than 200 stations worldwide. GL is an important player in the maritime, oil and gas, and renewable energy sectors. Since its foundation as a classification society in 1867, it has built up global delivery capabilities in each of its three business segments with a comprehensive service set in technical assurance and consulting. Since 2007 GL has embarked on a transformation of its business by growing through acquisitions. Each acquisition was chosen either to build additional capabilities or to enhance GL's ability to deliver its services on a consistent basis globally.

Mayfair SE is the family holding of the former Tchibo shareholder Guenter Herz and Daniela Herz-Schoeckel. Guenter Herz was the CEO of Tchibo Holding AG until 2001. Since its foundation Mayfair acquired major shareholdings in Puma SE, Vapiano SE and Germanischer Lloyd SE. CMS Hasche Sigle provided legal advice to Mayfair in this transaction. Since then, its core competence has been to identify, assess and advise on how to manage risk.

Det Norske Veritas is a leading risk management company. Its mission is to safeguard life, property and the environment. Established in 1864, the company has a global presence with a network of more than 10,000 technical, business and risk experts working out of 300 offices in 100 countries. Recognized for its independence and integrity, DNV is a highly respected validation and verification firm, providing trust and confidence to all stakeholder groups.

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