Oslo: 2008 was a year of financial and business volatility, and this meant an increasingly complex risk environment for both DNV and our customers. The need to manage technical, societal and business risks is more urgent than ever. DNV’s results for 2008 show growth, but in the long term the financial downturn is also expected to affect DNV’s results.

“DNV’s market position is strong and our financial status is satisfactory. This gives us a robust platform to meet the downturn in the global economy,” says President and CEO Henrik O. Madsen.

DNV delivered strong financial results in 2008, with a growth in total revenue of 19.4% and a net profit of NOK 583 million. At the year-end 2008, DNV’s equity ratio was 58%. The number of employees increased by the net figure of 1,003 to a total of 8,694 employees.

DNV strengthened its position in all its main areas in 2008. With growth in both total revenue and number of employees, the company has maintained a sound profit margin. This ensures a strong financial foundation, which is required to secure the independence and integrity of DNV’s operations.

“DNV’s market position is strong and our financial status is satisfactory. This gives us a robust platform to meet the downturn in the global economy,” says President and CEO Henrik O. Madsen.

More than 20% of all ships contracted in 2008, measured in gross tons, were ordered to DNV class. This represents a strong position in a year in which the first nine months were characterised by a large number of new contracts and the last three months showed a sharp decrease in contracting and several cancellations of newbuilding contracts. A focus on quality has ensured DNV a close to 16% share of the world fleet.

Technology qualification, risk-based assessment, asset management and offshore classification are services that have contributed to a 25% growth for DNV in the energy sector. The fall in the oil price in the last months of 2008 did not lead to any substantial loss of revenue, indicating that there is a continued demand for DNV’s services. Renewable energies represent considerable growth areas.

Accredited management system certification represents close to 14% of DNV’s total revenue, positioning the company among the top three certification bodies worldwide. Certification in the fields of quality, environment, safety, IT security, food safety and health care is building the DNV brand among more than 60,000 customers on all continents.

DNV is the market leader in the validation and verification of CO2 emissions as part of the quota trading mechanisms under the Kyoto Protocol and other schemes, with a 48% share of the CDM project market. Corporate Responsibility (CR) services are also increasingly in demand.

(All sums in million NOK)