Singapore: Singapore-headquartered DNV Petroleum Services (DNVPS) has been taken over European private equity firm IK Investment Partners. Financial details for the transaction were not disclosed.
Founded by Norwegian classification society DNV in 1981, DNVPS is a global provider of fuel management services for the maritime and power sectors. DNVPS now has annual revenues of $50m. Headquartered in Singapore, the company employs 220 staff and has offices in Rotterdam, Houston, Fujairah and Oslo.
“The sale is a strategic decision, based on a review of the DNV Foundation’s total portfolio of activities following the DNV GL merger. DNVPS was not part of the merger process and has remained with the DNV Foundation. We believe the new ownership will provide DNVPS with a stronger platform and better focus for delivering on its strategic ambitions,” said Henrik Madsen, president and ceo, DNV GL Group.
Eirik Andreassen, who will remain as managing director of DNVPS, said: "This is a defining moment for DNVPS as we are poised for growth with IK. Opportunities will come from sharpening our focus on our clients’ needs, building on our global leadership position, expanding our high-quality service offerings and R&D capabilities and leveraging our fuel quality testing database to create value and develop innovative services and products. We are also pleased to maintain close ties and collaborate with DNV so that clients can benefit from our enhanced capabilities.”
Closing of the transaction is subject to legal and regulatory approvals. [02/10/13]