As for many companies, 2020 was a tough year for business. Despite this, DNV closed the year with revenues of NOK 20,911 million, a decline of 3.0% compared to 2019. DNV’s 2020 Annual Report details our financial results and the customer highlights.
As one of the most challenging years in DNV’s 157-year history, the strong financial result is a testament to the strength and resilience of the company and the hard work and dedication of employees worldwide. The 2020 annual report detailing DNV’s financial and sustainability performance is now available. Group President & CEO Remi Eriksen noted in the annual report: “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 digitalization 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 digitalized services throughout DNV 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 our experience in providing hospital accreditations in the US we were able to assist 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 our annual report. The report details DNV’s carbon footprint, how we aim to reduce energy consumption and switch to renewable electricity sources tom power all our offices and laboratories. DNV’s sustainability strategy includes ambitious goals for our operations to become climate net positive by 2025 and that we ramp up efforts to help our customers decarbonize, become more energy efficient and contribute to reaching the Sustainable Development Goals.
For more information about financial and sustainability results and 2020 highlights, please see DNV’s Annual Report 2020.
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