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FINANCIAL

REPORT
HALF YEAR
JUNE 2016

SAFER, SMARTER, GREENER


ABOUT DNV GL

Driven by our purpose of safeguarding life,


property and the environment, DNV GL enables
organizations to advance the safety and sustaina-
bility of their business. We provide classiication,
technical assurance, software and independent
expert advisory services to the maritime, oil
& gas and energy industries. We also provide
certification services to customers across
a wide range of industries.

Combining leading technical and operational


expertise, risk methodology and in-depth
industry knowledge, we empower our customers
decisions and actions with trust and conidence.
We continuously invest in research and collabora-
tive innovation to provide customers and society
with operational and technological foresight.

With origins stretching back to 1864, DNV GLs


reach today is global. Operating in more than
100 countries, our professionals are dedicated
to helping customers make the world safer,
smarter and greener.

2 HALF-YEAR FINANCIAL REPORT 2016


ORGANIZATION
DNV GL
GROUP

HEADQUARTERS:
HVIK
NORWAY
GROUP
CENTRE

BUSINESS
MARITIME OIL & GAS ENERGY ASSURANCE SOFTWARE

HEADQUARTERS: HEADQUARTERS: HEADQUARTERS:


HEADQUARTERS: HEADQUARTERS:
HAMBURG HVIK ARNHEM LONDON HVIK
GERMANY NORWAY NETHERLANDS UK NORWAY

GLOBAL SHARED SERVICES

DNV GL IS ORGANIZED INTO FIVE BUSINESS AREAS:

MARITIME OIL & GAS ENERGY

We help enhance the safety, From the drawing board to We support our customers
eficiency and sustainability decommissioning, we provide across the electric power
of our customers in the technical advice to enable value chain in ensuring
global shipping industry, oil and gas companies to reliable, eficient and
covering all vessel types enhance safety, increase sustainable energy supply.
and mobile offshore units. reliability and manage costs
in projects and operations.

BUSINESS
ASSURANCE SOFTWARE

We help customers in Our software solutions are


all industry sectors build based on our broad domain
sustainable business competence and developed
performance and create to improve our customers
stakeholder trust. operational eficiency and
business optimization.

HALF-YEAR FINANCIAL REPORT 2016 3


KEY FIGURES

REVENUE (01.0130.06) MILLION NOK EBITA (01.0130.06) MILLION NOK

10 985 590
2015: 11,667 2015: 1,171

EBIT / OPERATING PROFIT (01.0130.06)


EBITA MARGIN (30.06) MILLION NOK

5.4% 329
2015: 10.0% 2015: 925

4 HALF-YEAR FINANCIAL REPORT 2016


EQUITY RATIO (30.06) NUMBER OF EMPLOYEES (30.06)

59% 14 273
2015 60% 2015: 15,382

LOST TIME ACCIDENTS TOTAL SICKNESS ABSENCE RATE


PER MILLION HOURS WORKED (01.0130.06) (01.0130.06)

1.2 2.5%
2015: 1.4 2015: 2.5%

HALF-YEAR FINANCIAL REPORT 2016 5


PRESIDENT & CEOS MESSAGE

POSITIONING
FOR A DIGITAL
FUTURE

Our inancial performance in the for ships in operation. We further improved on the development of future proof power
irst two quarters of 2016 was our strong quality performance compared grids, and we are on track to expand the
to competitors. We also strengthened worlds largest high power laboratory
characterized by a further over-
our leading position for vessels using in Arnhem, the Netherlands. Business
all decline in business volume.
alternative fuels, such as LNG, hybrid- Assurance secured several strategic life
We reduced cost levels and head- electric and full-electric solutions. sciences projects and took major steps
count to meet weaker demand forward in its digitalization journey. Our
in some of our core markets. Our oil and gas-related business volume Software business reached an important
At the same time, we saw growth continued to suffer from generally lower milestone by launching our first software-
in other sectors, and accelerated industry investments due to the low oil as-a-service solution.
our investment in digitalization price. Nevertheless, we secured signi-
ficant new contracts, including contracts While DNV GLs overall business volume
to offer improved as well as new
with Statoil, Gazprom, Pacific Gas & declined and profitability also decreased,
and smarter services to our
Electric, and National Grid. We also initiated our financial position remains sound.
customers. 43 new collaborative innovation projects Ensuring that we quickly adapt to the
which, together with our continued efforts needs of our customers, helping them

T
he shipping industry is facing to drive standardization, help the industry to further improve efficiency and safety
some really difficult times, with safely reduce costs and inefficiencies. remains a top priority for me.
overcapacity in most segments. One example of this is the standardization
project with major Korean yards, which RIGHTSIZING OUR ORGANIZATION
The sharp decline in ship and offshore has already delivered four Recommended In response to the weaker developments
newbuilding activity significantly Practices offering significant potential in our core markets, the total number
impacted our revenues from classifi- for cost reductions. of permanent employees fell to 14,273,
cation services in the first two quarters down from 14,954 at the end of 2015.
of the year. In response, a number of Our other business areas Energy, The rightsizing of the organization has
cost-cutting measures have been taken. Business Assurance and Software been achieved by natural and voluntary turn-
developed positively. We continue to over, as well as through workforce reduc-
The cruise ship segment was one of few expand our customer base within renew- tion processes that will continue in some
shipping segments to see strong growth, able power, power transmission and locations in the second half of the year.
and I am pleased that we captured distribution, energy efficiency and
the lions share of these newbuilding life sciences. In the energy business, SUSTAINED FOCUS ON ETHICS, HEALTH,
contracts. Also, major customers chose we continue to push new technologies SAFETY AND THE ENVIRONMENT
to construct vessels based on our new, to ensure a clean, affordable and safe There were no confirmed incidents
state-of-the-art class rules, and we are energy supply. We were selected to lead of corruption or non-compliance with
slowly regaining our overall market share the largest energy-related EU project environmental laws and regulations.

6 HALF-YEAR FINANCIAL REPORT 2016


The Lost Time Absence Frequency fell of their businesses and the cost pressures Examples include cyber-physical systems
to 1.2 lost time accidents per million exerted by a combination of industry and digital twins, allowing customers to
hours worked, down from 1.4 in the and socio-economic factors. efficiently optimize their ships, oil & gas plat-
same period last year. Our Severity forms, solar farms or other physical assets.
Accident Index (number of days absence The combination of DNV GLs industry Other examples are the use of drones for ship
due to Lost Time Accidents per million knowledge, deep technical expertise surveys and solar plant inspections and
hours worked) fell from 26.7 to 15.7. The and role as a trusted independent party big data analytics services from smart
improved safety performance is due gives us an opportunity to add a new meters in the energy sector.
partly to reduced business activity and dimension to our traditional certification,
partly due to our continuous focus on classification and technical advisory ser- OUTLOOK
developing a strong safety culture. The vices. Increasingly, we will be a custodian We remain committed to our purpose
Sickness Absence Rate was stable at 2.5%. of data and offer data analytics and of safeguarding life, property and the
insights to our customers. This will enable environment the guiding star for all our
Our employees represent 114 nationali- them to advance safety, efficiency and people. While I expect continued growth
ties, 31% are female, and 87% have higher sustainability through better-informed in our Energy, Business Assurance and
education. Our new mandatory Code of and short-cycled decisions. In the first Software segments, the adverse market
Conduct training has been completed half of the year, we launched a number conditions in the maritime and oil and
by 89% of employees, approaching our of initiatives to that end. gas industries are expected to further
goal of 100% completion during the reduce DNV GLs overall business volume
second half of the year. Direct emissions We also introduced new digital services, and profitability for the year.
of greenhouse gases are measured on standards, software and tools that enable
an annual basis, with 28,000 tonnes of our customers and us to work smarter. Nevertheless, our market positions
CO2e year-end 2015 as the baseline for remain strong across all of our core
our strategy to become carbon neutral industry sectors and management
by the end of 2020. INCREASINGLY, WE system certification services. I am
WILL BE A CUSTODIAN convinced that we will further strengthen
EXECUTING THE 20162020 STRATEGY OF DATA AND OFFER DATA our competitiveness by intensifying
The new strategy sets the ambition and ANALYTICS AND INSIGHTS TO collaboration with our customers and
direction for how DNV GL intends to OUR CUSTOMERS. THIS WILL continuing to develop our people and
reinforce existing positions and capture ENABLE THEM TO ADVANCE invest 5% of our annual revenues in
new opportunities in the next five years SAFETY, EFFICIENCY AND research and innovation to offer superior
through efficiency, agility and digitaliza- SUSTAINABILITY THROUGH services and insights.
BETTER-INFORMED AND
tion. I strongly believe that we can be an
SHORT-CYCLED DECISIONS.
ideal partner for our customers as they Remi Eriksen
cope with both the digital transformation President & CEO, DNV GL Group

HALF-YEAR FINANCIAL REPORT 2016 7


HALF-YEAR PERFORMANCE

for laboratory testing and certification


GROUP services. This has contributed to stronger BUSINESS
financial performance in the first half
PERFORMANCE of 2016 for this business area. AREAS
Business Assurance continued to
achieve strong organic growth and solid
financial performance during the period.
Management system certification services
are still dominant, but the demand for
The external revenue for the first half of other assurance services, particularly
MARITIME
the year amounted to NOK 10,985 million, within the healthcare and food safety
producing an EBITA of NOK 590 million. sectors, is consistently increasing. The maritime ship and offshore market
The nominal growth rate was -6%, while remained bleak, with low ordering
the organic and currency adjusted growth Software: Despite the challenging mar- activity. The business volume decreased
rate was -11%. The positive currency effect ket conditions in our traditional markets, as anticipated in the second quarter and
is largely explained by a further weaken- we experienced healthy organic growth external revenue ended at NOK 4,511
ing of the NOK, primarily against the and improved financial performance million for the irst half year, a year-to-
USD, and an increased business volume during the period. Software licensing and date currency-adjusted contraction
in favourable currencies. The challeng- related advisory services, in particular, of about 14%. The contraction in the
ing market conditions in the Maritime contributed to the positive develop- second half of the year is expected
and Oil & Gas segments are expected to ments. to gradually latten out but remain
continue into 2017, and hence influence negative in the range of 10 to 12%.
the overall DNV GL financial performance
for this year and next. DNV GL Group has a strong balance sheet,
with total equity of NOK 17,683 million
The ship and offshore class newbuilding
KEY OBSERVATIONS: after NOK 507 million in dividend payments
markets remained depressed. The order
in June 2016. The equity ratio is 59%.
intake of 149 vessels represents a reduc-
Maritime: The continuing challenging
tion of about 40% compared to last year.
market conditions have affected our The cash flow from operations was NOK
The tanker, RoRo, cruise and passenger
financial performance, which reflects 478 million for the period. Cash deposits
segments remained active.
the 10% decline in business volume amounted to NOK 4,100 million, and un-
compared to the same period in 2015. used credit lines were at NOK 1,250 million.
Mitigating actions are currently in place to
The newbuilding market is depressed,
deal with all known risks and uncertainties
strongly influencing our ship newbuilding Investment activities in the first half of 2016
with respect to the 2016 financial perfor-
and component certification services. related primarily to the implementation of
mance. Synergies from the merger and
the Oracle Finance and ERP system, plus
efficiency programmes continue to deliver
Oil & Gas: The contraction in the the establishment of a Digital Accelerator
positive effects to the cost base.
offshore oil & gas market experienced unit to drive new digital services.
last year continued with the same strength
The Maritime market is likely to be chal-
in the first half of 2016. As a conse- M&A activities in the first half year were
lenging for another two years, and the
quence, our risk management services limited to the acquisition of Swedish power
strong competition with other class
and related verification services were system expert Gothia Power in January.
societies is expected to continue.
heavily influenced by the negative market
developments. Accordingly, significant The management regards DNV GLs finan-
capacity adjustments have been made cial status as strong, giving the company
during the period. a robust platform to manage challenging
markets and maintain its independence as
Energy: Our services to the energy a financially strong and trusted company.
market experienced a slight upturn, with DNV GL will remain focused on technology
continuous growth in renewable services, innovation, digitalization and efficiency
combined with a more positive trend measures to help its customers address
current market challenges.

8 HALF-YEAR FINANCIAL REPORT 2016


Revenues from our Power Testing Inspec-
tion and Certification services declined
OIL & GAS slightly, but improved in the second SOFTWARE
quarter mainly at our high-power testing
Oil & Gas faced ongoing OPEX laboratories in Chalfont (US) and Arnhem The external revenues of the Software
and CAPEX reductions in a chal- (Netherlands). Our Renewables Certifica- business area amounted to NOK 449
lenging market with project delays tion services also improved over the last million, a year-on-year currency-adjusted
and cancellations. Financial per- months after a weaker first quarter. growth of 7%. Financial performance
formance was below expectations was strong and above expectations,
with external revenue of NOK 2,537 In addition to fierce competition and despite a challenging market situation,
million. This represented an organic price pressure, the energy power market particularly in the oil and gas industry.
and currency-adjusted contraction is currently subject to political and
of 20% compared to last year. regulatory uncertainty. Examples of this
include the update of the Renewable
Energy Act in Germany, the uncertainty Softwares consultancy services delivered
relating to offshore wind funding in double-digit growth year-on-year, while
Project delays, cancellations and a lower the UK and Brexit, as well as the Energy revenues from Service Level Agreements
order volume were registered mainly Policy Modernization Act in the US. declined as a result of order cancellations
within our risk management advisory, These processes will have a substantial and the reduced scope of software
marine assurance and inspection services impact on the entire energy sector and contracts.
in South East Asia, the Middle East and related business decisions.
the Americas. Continental Europe was Considering developments in the first half
a positive exception, performing accord- of the year, Softwares outlook for 2016
ing to expectations. is positive with a robust order backlog.
Developments in both the oil & gas and
Mitigation actions have been taken to BUSINESS ASSURANCE maritime sectors are being tightly moni-
reduce the financial risk, with measures tored to manage risks in the volatile
already effective within some regions The external revenues of Business CAPEX and OPEX markets.
and others to be effective throughout Assurance ended the half year at
the second half of the year. NOK 1,578 million, an organic and
currency-adjusted growth of 4%
The market is expected to stay challeng- year-on-year.
ing into 2017, with significantly reduced
CAPEX and OPEX activity and strong
price pressure. Performance projection
for the second half of 2016 is following this All services within the business area
trend, but with some seasonal uptrends. reported solid performance. Manage-
ment System Certification services,
representing more than 70% of Business
Assurances external revenues, faced
growing price pressure in key markets
ENERGY and lower business volume. Personal
Certification and Training, Product
The inancial performance of our Compliance, Supply Chain Management
Energy business area was in line with and Assurance services had double-
expectations with year-to-date exter- digit growth year-on-year, in line with
nal revenues of NOK 1,850 million, our strategy of growing this part of the
representing a currency adjusted business.
growth of 1% for the irst half of 2016.
This includes revenues of newly The outlook for Business Assurance is
acquired Gothia Power. solid and robust despite uncertainty
related to world economic growth, the
slowdown of the economy, and the
impact of Brexit.
The slight year-to-date revenue growth
can be attributed mainly to our Sustain-
able Use and Advisory services.

HALF-YEAR FINANCIAL REPORT 2016 9


INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
(UNAUDITED)

1 JAN. 30 JUNE 1 JAN. 30 JUNE 1 JAN. 31 DEC.


AMOUNTS IN NOK MILLION NOTE 2016 2015 2015

Total operating revenue 2 10984.6 11666.6 23390.3

OPERATING EXPENSES

Payroll expenses 6654.9 6550.1 13116.0

Depreciation 182.9 182.5 374.8

Amortization and impairment 261.3 245.7 535.8

Other operating expenses 3556.5 3762.9 7625.5

Operating profit 328.9 925.4 1738.1

Net inancial income 42.6 13.6 (12.4)

Profit before tax 371.5 939.0 1725.7

Tax expense (130.0) (278.4) (711.9)

Profit for the period 241.5 660.6 1013.8

PROFIT FOR THE PERIOD ATTRIBUTABLE TO:

Non-controlling interest 7.7 12.0 11.1

Equity holders of the parent 233.8 648.6 1002.7

Total 241.5 660.6 1013.8

10 HALF-YEAR FINANCIAL REPORT 2016


INTERIM CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME (UNAUDITED)

1 JAN. 30 JUNE 1 JAN. 30 JUNE 1 JAN. 31 DEC.


AMOUNTS IN NOK MILLION 2016 2015 2015

Profit for the period 241.5 660.6 1013.8

Other comprehensive income not to be reclassified

to profit or loss in subsequent periods:

Actuarial gains /(losses) on deined beneit pension plans (569.0) 4.1 540.5

Other comprehensive income to be reclassified

to profit or loss in subsequent periods:

Currency translation differences / Translation differences (867.1) (51.1) 1335.5

foreign operations

Share of other comprehensive income from associated companies 27.4 (8.6) (22.7)

Other comprehensive income for the period, net of tax (1408.7) (55.6) 1853.4

Total comprehensive income for the period (1167.2) 605.0 2867.2

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:

Non-controlling interest 7.7 12.0 11.1

Equity holders of the parent (1174.9) 593.1 2856.2

Total (1167.2) 605.0 2867.2

HALF-YEAR FINANCIAL REPORT 2016 11


INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)

AMOUNTS IN NOK MILLION NOTE 30 JUNE 2016 30 JUNE 2015 31 DEC. 2015

ASSETS

Intangible assets 12828.8 12213.6 13050.1

Tangible ixed assets 2545.6 2350.3 2663.9

Non-current inancial assets 591.5 555.8 860.6

Total non-current assets 15965.9 15119.7 16574.5

CURRENT ASSETS

Trade debtors, work in progress and other receivables 9735.5 9402.1 9511.8

Cash and bank deposits 4099.9 3800.1 4193.0

Total current assets 13835.4 13202.2 13704.8

TOTAL ASSETS 29801.3 28321.9 30279.3

EQUITY AND LIABILITIES

Share capital and other equity 17635.4 17053.8 18810.2

Non-controlling interests 47.6 42.0 40.0

Total equity 17683.0 17095.8 18850.2

LIABILITIES

Non-current provisions and obligations 4 4449.1 4345.0 3945.8

Non-current interest-bearing loans and borrowings 350.0 250.0 100.0

Current liabilities 7319.2 6631.1 7383.3

Total liabilities 12118.3 11226.1 11429.1

TOTAL EQUITY AND LIABILITIES 29801.3 28321.9 30279.3

12 HALF-YEAR FINANCIAL REPORT 2016


INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOW (UNAUDITED)

1 JAN. 30 JUNE 1 JAN. 30 JUNE 1 JAN. 31 DEC.


AMOUNTS IN NOK MILLION 2016 2015 2015

CASH FLOW FROM OPERATIONS

Proit before tax 371.5 939.0 1725.7

Gain/loss on disposal of tangible ixed assets 0.0 0.0 (23.6)

Gain on divestments (7.2) 0.0 0.0

Loss (gain) from change of deined beneit pension plans 0.0 0.0 30.6

Depreciation, amortization and impairment 444.3 428.2 910.6

Change in working capital and other accruals (330.9) (340.3) (429.0)

Net cash flow from operations 477.7 1026.9 2214.3

CASH FLOW FROM INVESTMENTS

Net investments in tangible and intangible assets (235.7) (417.2) (898.6)

Acquisitions (business combinations) (87.0) (33.8) (200.4)

Divestments 9.0 0.0 0.0

Net cash flow from investments (313.7) (451.0) (1098.9)

CASH FLOW FROM FINANCING ACTIVITIES

Change in overdraft 0.0 0.0 (4.5)

Dividend paid (507.0) (504.0) (503.5)

Multi-currency revolving credit facility drawn / (paid) 250.0 (250.0) (400.0)

Net cash flow from financing activities (257.0) (754.0) (908.0)

Net increase / (decrease) in cash and bank deposits (93.1) (178.1) 207.3

Liquidity at beginning of period 4193.0 3978.2 3978.2

Cash in acquired companies 0.0 0.0 7.4

Liquidity at end of period 4099.9 3800.1 4193.0

INTERIM CONDENSED CONSOLIDATED STATEMENT


OF CHANGES IN EQUITY (UNAUDITED)

1 JAN. 30 JUNE 1 JAN. 30 JUNE 1 JAN. 31 DEC.


AMOUNTS IN NOK MILLION 2016 2015 2015

Equity as at 1 January 18850.2 16496.4 16496.4

Proit for the period 241.5 660.6 1013.8

Dividend 0.0 0.0 (506.9)

Actuarial gains/(losses) on deined beneit pension plans (569.0) 4.1 540.5

Exchange differences (867.1) (51.1) 1335.5

Other equity changes 27.4 (14.1) (29.2)

Equity as at end of period 17683.0 17095.8 18850.2

HALF-YEAR FINANCIAL REPORT 2016 13


NOTES TO THE INTERIM ACCOUNTS FOR
THE FIRST SIX MONTHS OF 2016

01 BASIS FOR PREPARATION AND SIGNIFICANT ACCOUNTING PRINCIPLES

The condensed consolidated interim financial statements In all material aspects, Norwegian Simplified IFRS requires
for DNV GL Group AS for the first six months of 2016 that the IFRS recognition and measurement criteria
have been prepared in accordance with IAS 34 Interim (as adopted by the European Union) are complied with,
Financial Reporting. The interim condensed consolidated but disclosure and presentation requirements (the notes)
financial statements do not include all the information and follow the Norwegian Accounting Act and Norwegian
disclosures required in the annual financial statements Generally Accepted Accounting Standards.
and should be read in conjunction with the Groups Annual
Report 2015. The accounting policies adopted in the pre- The financial statements are presented in Norwegian
paration of the interim consolidated financial statements Kroner (NOK) and all values are rounded off to the nearest
are consistent with those followed in the preparation million (NOK million).
of the Groups Annual Financial Statements for the year
ended 31 December 2015. The interim condensed consolidated financial statements
for the first six months of 2016 include the parent company
Consolidated financial statements for DNV GL Group AS DNV GL Group AS and all companies in which the parent
have been prepared in accordance with the Norwegian company directly or indirectly has a controlling interest.
Accounting Act section 39 and Regulations on Simplified IFRS
as enacted by the Ministry of Finance on 3 November 2014. The interim accounts have not been audited.

02 CHANGES IN GROUP STRUCTURE

The following acquisitions have been made since production, power transmission and power consumption.
1 January 2016: For DNV GL Group, the acquisition of Gothia Power estab-
lishes DNV GLs technical and strategic power systems in the
On 18 January 2016, DNV GL acquired 100% of the shares Swedish and Baltic energy markets and further strengthens
in Gothia Power AB. Gothia Power is an established consult- DNV GLs leading position worldwide. A purchase price
ing company with a strong market position and network allocation (PPA) for the acquisition will be included in
in the electric power field in Sweden. The company the 2016 annual financial accounts of DNV GL Group AS.
offers advanced analysis and measurements for power

14 HALF-YEAR FINANCIAL REPORT 2016


03 OPERATING REVENUE PER BUSINESS AREA

1 JAN. 30 JUNE 1 JAN. 30 JUNE 1 JAN. 31 DEC.


AMOUNTS IN NOK MILLION 2016 2015 2015

BUSINESS AREA:

Maritime 4510.8 5014.3 9885.9

Oil & Gas 2536.9 3087.2 6053.6

Energy 1850.1 1685.8 3522.6

Business Assurance 1578.2 1415.4 3024.0

Software 449.4 398.8 823.9

Other 59.2 65.1 80.3

Total operating revenue 10984.6 11666.6 23390.3

04 DEFINED BENEFIT PENSION LIABILITIES

As a consequence of interest rate reductions since year- The reduced discount rate in Norway, from 2.6% to 2.1%
end 2015, the assumptions for calculating the defined (covered bonds), and in Germany from 2.2% to 1.4% (high-
benefit pension liabilities in Norway and Germany have value corporate bonds), has led to increased pension
changed. liabilities of NOK 780 million, which has been reflected
in the 2016 half year financial statements.

05 EVENTS AFTER THE REPORTING PERIOD

In July 2016, DNV GL acquired 100% of the shares in Green- a specific focus on the photovoltaic space. The company
PowerMonitor. GreenPowerMonitor is an international is a leading provider of solar monitoring, control and asset
company, headquartered in Barcelona, that offers pro- management systems. The acquisition of GreenPowerMonitor
ducts and services in the renewable energy sector, with is not reflected in the 2016 half year financial statements.

HALF-YEAR FINANCIAL REPORT 2016 15


SAFER, SMARTER, GREENER

HEADQUARTERS:

DNV GL AS
Veritasveien 1
NO-1322 Hvik, Norway
Tel: +47 67 57 99 00
www.dnvgl.com

DNV GL 08/2016
Design: Fasett