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DIGITALISATION HELPS DNV MINIMISE 2020 DEFICIT

DIGITALISATION HELPS DNV MINIMISE 2020 DEFICIT

Friday, April 9, 2021 

DNV's annual report for 2020 says that as for many companies, 2020 was a tough year for business, but despite this, the classification society closed the year with revenues of NOK20.911m, a decline of 3.0% compared to 2019.

As one of the most challenging years in its 157-year history, DNV believes that the relatively strong financial result is a testament to the strength and resilience of the company and the hard work and dedication of employees worldwide.

Group President and CEO Remi Eriksen said: “It is particularly when times are tough that I am reminded how proud I am to work for this company.”

As lockdowns began sweeping across the globe in early 2020, the uncertain prospects ahead led to tough decisions being taken by management. More than half of the workforce was placed on partial furloughs or salary cuts to quickly curb costs. Strong customer relationships and a swift shift to digital services such as remote surveys, inspections and audits, enabled DNV to continue to support customers’ operations. A robust IT infrastructure and significant investment in digitalisation in previous years enabled the majority of employees to work from home. As the financial impact to business from the pandemic proved less severe than expected, employees were compensated for their financial sacrifices towards the end of the year.

The investment in digitalised services throughout DNV in the past few years proved invaluable in 2020. Remote surveys of ships increased by 33% and more than 20 remote inspections of wind farm projects across the world were conducted helping to avoid undue delay to projects and maintain safeguard operations.

In addition to reaching customers digitally, DNV offered several new services in response to customer needs. The cruise industry was particularly severely affected by the pandemic. Drawing on experience in providing hospital accreditations in the US, DNV assisted cruise and ferry operators to reduce the risk in operating during a pandemic. A new certification enabled cruise operators to demonstrate that they have procedures in place for the proper prevention, control, and mitigation of infection to protect both customers and crews.

DNV’s sustainability report is an integrated part of the annual report, which details DNV’s carbon footprint, its plan for reducing energy consumption and switch to renewable electricity sources to power all offices and laboratories. DNV’s sustainability strategy includes ambitious goals to become climate net positive by 2025 and to help customers decarbonise, become more energy efficient and contribute to reaching the Sustainable Development Goals.

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