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IK to acquire DNV Petroleum Services from Det Norske Veritas

Funds managed by IK Investment Partners have entered into an agreement with the Norwegian foundation Det Norske Veritas (DNV) to acquire its subsidiary DNV Petroleum Services (DNVPS).

 
Financial details for the transaction have not been disclosed.
 
Founded by the Norwegian foundation DNV in 1981, DNVPS is a provider of fuel management services for the maritime and power sectors with customers including ship owners, managers and charterers as well as power plant operators. The company primarily operates within two segments, fuel quality testing and bunker quantity surveys.
 
DNVPS has experienced strong growth since inception, reaching USD50m in revenue with a business model resilient to cyclical freight rates. Headquartered in Singapore, the company employs 220 staff and has offices in Rotterdam, Houston, Fujairah and Oslo with four strategically located ISO 17025 accredited and specialised laboratories, supported by sales and customer support in 150 key shipping clusters.
 
“The sale is a strategic decision, based on a review of the DNV Foundation’s total portfolio of activities following the DNV GL merger. 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,” says Henrik O Madsen, president and chief executive of DNV GL Group. “DNVPS has been an exciting business since it was established by DNV back in 1981, and it has been consistently growing and during the past 20 years also delivered strong financial results. 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.”
 
Thomas Klitbo, deputy director at IK, says: “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.”

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