THE world's largest classification society to the
maritime industry has been formed with the merger of Det Norske Veritas (DNV)
of Norway and Germanischer Lloyd (GL) of Germany after receiving antitrust
approval for the merger.
The new company - DNV GL Group - started operations on
September 12 after both got the go ahead from China by following the European
Union, the US and South Korea in approving the merger, which they announced in
December. DNV will own 63.5 per cent of the new company with the remainder held
by GL's owner Mayfair.
DNV GL will provide technical assurance and risk
management services to the oil and gas industry and a leading expert in wind
and power transmission and distribution. The new company overtakes Japan's
Nippon Kaiji Kyokai, known as ClassNK, as the world's biggest classification
society, with a customer base of almost 70,000 ships totalling 353 million
deadweight tonnes.
DNV GL, which has an annual revenue of US$3.3 billion and
employs 17,000 in 100 countries, will be headquartered in Oslo. Its marine
operations unit will be based in Hamburg.
Said DNV GL Group CEO Henrik Madsen: "In today's
risk-sensitive environment, a company's failure to manage risk properly may
lead to adverse events, loss of life, damage to the environment or critical
business consequences, putting trust and credibility at risk. I firmly believe
that DNV GL will be in a stronger position to help companies manage their
challenges in the new risk reality and enable them to advance the safety and
sustainability of their operations."
Source : HKSG.
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