Stiftelsen Det Norske Veritas releases its annual report for 2017

Posted on Sep 27, 2018 | Comments Off on Stiftelsen Det Norske Veritas releases its annual report for 2017

Stiftelsen Det Norske Veritas is a free-standing, independent Norwegian foundation whose long-lasting purpose is to safeguard life, property and the environment. This purpose is realized mainly through DNV GL Group AS, of which it again obtained 100% ownership in 2017. In addition, Stiftelsen Det Norske Veritas has a portfolio of investments in real estate and securities. The Stiftelsen Det Norske Veritas group of companies (Det Norske Veritas) achieved revenues of NOK 19,591 million in 2017 and a net profit after tax of NOK 284 million.

Through its fully owned subsidiary Det Norske Veritas Holding AS, Stiftelsen Det Norske Veritas increased its shareholding in DNV GL Group AS (DNV GL) from 63.5% to 100% in December 2017 by an acquisition of 36.5% of the shares from Mayfair Beteiligungsfonds II GmbH & Co. KG (“Mayfair”). Mayfair, a German, family-owned investment firm, became the minority shareholder of DNV GL when DNV and GL merged in 2013. The acquisition price for the 36.5 % of the shares in DNV GL Group AS was NOK 12.0 billion and it was financed with NOK 8.0 billion from syndicated bank loans and NOK 4.0 billion from internal sources.

If you want to download the report, please visit the page Annual reports.Cover Annual reports 2017 for stiftelsen det norske veritas

Stiftelsen Det Norske Veritas’ purpose is to safeguard life, property and the environment. The strategy is to realize this purpose through its 100% ownership of DNV GL and to grow and expand the business of DNV GL. The portfolios of financial investments and real estate investments are means to support this strategy. Stiftelsen Det Norske Veritas will ensure that its equity and available funds are sufficient and provide the required liquidity and flexibility for it to be a long-term owner of DNV GL.

DNV GL’s strategy sets ambitious goals for further developing the company as a world leading quality assurance and risk management company with leadership positions within the maritime, oil & gas and energy industries, and within management system certification services and digital solutions across industries.

Towards the end of 2017, a new business area, DNV GL – Digital Solutions, was established to help achieve several of DNV GL’s strategic ambitions. It signals a strong commitment towards customers to strengthen the breadth and depth of the company’s digital capabilities. Digital Solutions combines these capabilities with the company’s well-established domain expertise to create efficiencies and new revenue streams across all business areas and to maintain DNV GL’s leading position in an increasingly digital world. The new organization will also maximize the impact of DNV GL’s digital investments, including its open industry data platform Veracity and its rich portfolio of software ecosystems.

DNV GL will continue to invest in R&D and develop the skills and knowledge of DNV GL’s employees to stay at the forefront of technology and innovation.

DNV GL is the foremost vehicle for Stiftelsen Det Norske Veritas to achieve its purpose and vision. Driven by its purpose of safeguarding life, property and the environment, DNV GL is a quality assurance and risk management company enabling organizations to advance the safety and sustainability of their business. It provides classification and technical assurance along with software and independent expert advisory services to the maritime, oil & gas and energy industries. DNV GL also provides management system certification services to customers across a wide range of industries. Operating in more than 100 countries, its more than 12,000 professionals are dedicated to helping customers make the world safer, smarter and greener.

DNV GL is organized in a group structure with five business areas: Maritime, headquartered in Hamburg, Germany; Oil & Gas, headquartered in Høvik, Norway; Energy, headquartered in Arnhem, the Netherlands; Business Assurance, headquartered in London, UK; and Digital Solutions, headquartered in Høvik, Norway.

The Global Shared Services unit provides HR, Finance and IT support services to all business units and is headquartered in Høvik, Norway.