Det Norske Veritas (DNV) has long ranked as Norway’s most international firm, with thousands of employees spread all over the globe. Now a lack of new contracts for the tradition-rich classification society is forcing a freeze on hiring.
DNV reported solid increases in revenues, operating profits and pre-tax earnings for 2009 but the outlook for this year isn’t as good, reports newspaper Dagens Næringsliv (DN). The global finance crisis has hit the shipping industry hard, with few new orders for vessels that need DNV certification.
That in turn has prompted DNV executives to cut costs by NOK 500 million. No layoffs are planned, but there’s a freeze on hiring. DNV chief executive Henrik Madsen told DN that while the fourth quarter of last year showed a considerable decline in revenues and profit, the company was “economically strong,” and would be able to meet “some difficult years.”
By Views and News staff