DNV GL mindful of short-term challenges after strong 2019

DNV GL annual report 2019

Improved market conditions contributed to DNV GL posting strong financial results in 2019. According to the annual report, revenue grew by 9.7% and earnings more than doubled as a result of continued cost discipline and new digital tools and processes.

Høvik, Norway, 06 April 2020 – Improved market conditions contributed to DNV GL posting strong financial results in 2019. According to the annual report, revenue grew by 9.7% and earnings more than doubled as a result of continued cost discipline and new digital tools and processes. However, the impact of the COVID-19 pandemic will weigh on the 2020 results and the full breadth of its impact will only be known over time. DNV GL is committed to limiting the spread of the virus by encouraging its employees to work from home whilst undertaking vigorous business continuity measures to ensure customer’s needs are served.

DNV GL’s Maritime business area delivered the majority of the revenue growth in 2019. However, Oil & Gas, Energy and Digital Solutions also had healthy growth, while Business Assurance as expected had slightly lower activity after a bumper year in 2018.

“The new digital tools and processes we have developed contributed to a strong 2019 for DNV GL. Now, faced with the physical distancing measures related to COVID-19, those same tools play an important role in overcoming some of the short-term challenges faced by our customers,” said Remi Eriksen, Group President and CEO of DNV GL.

Mindful of the economic impact of COVID-19, DNV GL is taking extraordinary measures to safeguard the company against the expected drop in revenue, including the temporary, partial reduction in working hours for some employees. The extent of these measures will vary dependent on country and business area.

Prepared for the “decade of transformation”

The 2020s is being called ‘the decade of transformation’. This is the decade where the pace of the energy transition will be set. This is also the decade where our food and health systems will change immensely, and when the digital technologies underpinning Industry 4.0 will mature from experimentation into largescale application. DNV GL took a number of steps in 2019 to position the company to meet the challenges and opportunities that lie ahead.

  • All DNV GL classified ships are now able to connect with a dedicated team of remote surveyors who can provide support to vessels anywhere in the world. In total, DNV GL carried out 12 000 remote surveys in 2019.
  • DNV GL’s newly opened Artificial Intelligence (AI) research centre in Shanghai to explore how AI can enhance audit, inspection and survey services.
  • DNV GL – Oil & Gas is contributing to the H21 project in the UK, where the extensive gas distribution networks in the city of Leeds are being converted to handle hydrogen, a lower carbon alternative.

Commenting on the decade ahead and recent challenges, Eriksen said, “Now, more than ever, we are reminded that the great challenges society faces are global, and we must work together to solve them. Therein lie great opportunities too; to decarbonize, to create more sustainable supply chains, to further digitize and leverage new technologies.”

Read the 2019 annual report.