The merger between risk management and offshore classification groups Det Norske Veritas and Germanishcer Lloyd has been given the green light by competition authorities.
The deal, which will see the new company called DNV GL Group, was approved by regulators in South Korea, the USA, China and the EU and will take effect from tomorrow (September 12)
DNV GL will employ 17,000 staff across 300 sites in more than 100 countries, with revenues expected to be more than EU2,5billion a year, making it one of the largest risk advisors to the upstream oil and gas industries in the world.
It will also provide software, certification and ship classification for the maritime and electricity industries.
“DNV GL will be uniquely positioned to offer a broader set of products and services, more in-depth expertise and a denser global network of sites second to none,” said DNV chief executive Henrik Hadsen, who will take over as CEO of the merged firms.
“And importantly, there is a strong commitment by both DNV and GL to the merged company continuing to invest heavily in technology, research and innovation.”