DNV GL Satisfied with 2015 Results Despite Challenging O&G Market Conditions

In its preliminary 2015 results, DNV GL has reported an operating revenue of NOK 23.389 million (approx. EUR 2.5 million) for 2015, which is an increase by 8.2% compared to the previous year (NOK 1,766 million; approx. EUR 186,413). 

Image: DNV GL/ archive

Group President and CEO of DNV GL, Remi Eriksen, said: “Given the challenging market conditions, particularly in the oil & gas industry, the financial results are satisfactory.” Eriksen explained that satisfactory results have been achieved while capturing merger integration synergies to the benefit of the company’s customers. “Most notably, we launched the world’s most modern ship and offshore classification rules,” he added.

In February, DNV GL also published a new service specification for project certification of wind power plants (DNVGL-SE-0190), designed to ensure safe and reliable operation of wind power plants, their assets and components throughout a project’s life cycle.

On the 2015 results, Thomas Vogth-Eriksen, DNV GL Group Chief Financial Officer, said: “The weakening of the NOK versus major currencies ensured this [operating revenue] growth. Currency-adjusted revenue declined by 4.8% as a result of the challenging market conditions in the oil & gas and maritime industries.”

“The net profit for 2015 was NOK 1,223 million, compared to NOK 1,007 million for 2014. The net cash flow for the year was positive at NOK 227 million. The cash flow from operations was NOK 2,251 million in 2015 and reflects a strong overall performance that was also driven by positive currency effects,” Vogth-Eriksen concluded.