DNV GL: Solid First Year Financials as a Combined Company

Revenues as a combined company were up 10 percent, while profit also rose to NOK 1,007 million.

DNV GL has seen combined revenues in 2014 rise 10 percent in the first year that Det Norske Veritas (DNV) and Germanischer Lloyd SE (GL) has operated as one merged company, the classification society reported in its annual financial results. 

Operating revenues rose to NOK 21.6 billion ($2.9 billion) in 2014, while profit also rose to NOK 1,007 million ($132.5 million) from NOK 825 million ($109.3 million) in the previous year.

According to DNV GL, performance was mainly driven by growth in the maritime business area and oil and gas business area, while the energy business area faced a difficult year. 

The company added that it has had difficulties in its software business as it works to integrate software from two legacy businesses. 

"There is no doubt that some of our main markets are facing tough times ahead," said CFO Thomas Vogth-Eriksen.

"DNV GL will not remain unaffected, but I have strong confidence in our ability to constantly improve and adapt."

The company said that it would continue to invest 5 percent of annual revenues in research, which will also go towards DNV GL's efforts to position itself as a leader in technical expertise. 

"Harsher and deeper waters and increasingly complex reservoirs mean that offshore oil and gas activities are becoming more and more demanding," the company said."

"DNV GL is aiming for significant business growth throughout the gas value chain – both on- and offshore."

So far this year, DNV GL has released a number of new systems and services, including a new U.S. Vessel General Permit (VGP) verification system and a fuel saving analytics module.