"Defining Moment" as Private Equity Firm Agrees to Buy DNVPS

Eirik Andreassen will continue as Managing Director of DNVPS

DNV today announced it has agreed to sell its fuel quality testing and bunker quantity surveying subsidiary, DNV Petroleum Services (DNVPS), to pan-European private equity firm IK Investment Partners (IK) for an undisclosed sum.

DNVPS, which was not included as part of DNV's recent merger with Germanischer Lloyd SE (GL), will continue to be headed by Eirik Andreassen.

Closing of the transaction is subject to legal and regulatory approvals.

"The sale is a strategic decision, based on a review of the DNV Foundation's total portfolio of activities following the DNV GL merger," said Henrik O. Madsen, President and CEO DNV GL Group.

"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."

"We believe IK will develop the company further and move it to its next level of growth. At the same time, DNV GL will continue its partnership with DNVPS to provide expert services to new and existing clients around the world."

DNVPS Managing Director Eirik Andreassen commented: "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."

Thomas Klitbo, Deputy Director at IK, said: "DNVPS is an innovative and well-established company in a specialised niche market. The company will benefit from increased global fleet size and increased demand for its services, which will allow it to maximise volume growth. We are looking forward to working with the management team on this project."

News of the merger between DNV and GL was first announced in December last year.