Monday, 07 May 2012 DNV has, as part of a strategic partnership with StormGeo, acquiredthe right to purchase 22,6 % of StormGeo s shares through amutually convertible capital issue, putting their weight behind aworld-leading meteorology and risk assessment company. Bj rn K.Haugland, Chief Technology and Sustainability Officer of DNV Groupwill join the Board of Directors of StormGeo. The core focus of StormGeo will remain within the fields of oilexploration, renewable energy as well as shipping, media andaviation. Following strong growth since inception in 1998, StormGeocurrently operates out of 12 offices in 9 countries.
The agreementwith DNV will effectively expand the potential footprint ofStormGeo. DNV has operations and customers through 300 offices inmore than 100 countries. DNV and StormGeo will co-operate to continue developingworld-leading risk assessment and efficiency programs for all typesof entities operating in rough climates. By coordinating bestpractice meteorology solutions and products with uniqueunderstanding of the performance of each individual entity,StormGeo will allow customers to optimize their operationaleconomics without sacrificing the ultimate focus on safety.
We are very honored to have been chosen as a partner by DNV, says Kent Zehetner, the CEO of StormGeo. StormGeo has 104employees, of which more than 30 are fully employed in R&Ddeveloping systems that support the drive for safety and economicefficiency. Strategic and cultural match StormGeo s activities are highly complementary to those of DNV sexisting businesses within maritime, oil and gas energy, renewableenergy sustainability and climate change mitigation and adaptation. StormGeo s competence, products and services will add to DNV sexisting portfolio of services that already cover the entire energyvalue chain from energy source to end user, including wind energy,carbon capture and storage, carbon trading, energy efficiency,power generation, transmission and distribution, and energy-relatedtesting, inspection and certification. Cleanroom Paper
Both organizations value research, innovation and technicalcompetence, and we look forward to working together on a sharedagenda, says Henrik O. Madsen, the CEO of DNV and continues Theglobal energy sector is heading for significant changes andinvestments especially due to long term climate changes in andoperations in high risk areas like the Arctic. This trend willincreasingly call on best practice meteorology systems. In DNV, we have found a solid, innovative international partnerand investor that has the same strategic vision, purpose andcultural values as ourselves. StormGeo has since inception nursed astrong drive for innovation and investment in R&D. Clean Room Garments
In 2011 thisaccounted for more than 25% of aggregated gross revenue. DNV hassince early days been a company we have tried to emulate inquality, style and perspective. Their strong tradition as anindependent leading player with world class technical and businessknowledge combined with strong growth ambitions has been a beaconfor us, says Erik Langaker, the Chairman of StormGeo AS. Reiten & Co. Polyimide Film Tape
welcomes this opportunity to strategicallycooperate with a world class company like DNV. The core focus whenacquiring our majority stake in 2011 was to ensure that StormGeowould be allowed to reach its maximum business potential andgenerate good return for all shareholders. We strongly believe thatthis agreement will support that goal significantly, saysChristian Melby, partner in Reiten & Co. While DNV becomes the largest minority shareholder with a 22,6 %share, Reiten & Co.
retains its majority holding (51%). ErikLangaker (Vestland Invest), TV2 Invest and Siri Kalvig as well asthe management group will not sell any shares as part of thetransaction.