December 21 - An agreement has been signed to merge Det Norske Veritas (DNV) and Hamburg-based Germanischer Lloyd SE (GL). The new entity will be called DNV GL Group.

By successfully merging, DNV GL Group will be one of the world's leading ship classification societies and risk experts in the oil and gas, renewable energy and power sectors. It will be among the top three within management system certification.

The Group said that with more than 17,000 employees and an extensive network of international offices DNV GL Group will be better positioned to meet increased international competition and better serve its customers needs.

DNV Foundation will hold a 63.5 percent shareholding, while GL's owner Mayfair SE will control 36.5 percent. The new entity will be headquartered in Norway and will generate an estimated combined turnover of EUR2.5 billion.

"We see this as a good strategic match. The two companies have a common set of values and complementary strengths. Both have strong brands and solid market positions as well as a reputation for high quality and strong integrity," said Leif-Arne Langøy, the chairman of DNV's Board of Directors.

Guenter Herz, chairman of Mayfair SE, commented: "Our decision for this partnership is based on the complementary fit of DNV and GL as well as the joint ambition for innovation and quality of both companies."