KGJG joins DNV GL in Marine Cybernetics acquisition
- Business & Finance
Following DNV GL’s recent acquisition of Marine Cybernetics, the Kristian Gerhard Jebsen Group (KGJG) will reinvest in order to co-develop the company. KGJG will own an increased 30% stake, with DNV GL as the majority (70%) shareholder.
Over the past 6 years, the Kristian Gerhard Jebsen Group has supported the growing business as a minority shareholder and, after DNV GL’s recent acquisition of Marine Cybernetics, it has been agreed that KGJG will increase its shareholding and jointly develop the company.
“Our primary decision to invest in Marine Cybernetics was driven by the increasing importance of software-dependent systems in ensuring safe, reliable and efficient operations,” says Henrik O. Madsen, DNV GL Group President & CEO. “As such, we are happy to have Kristian Gerhard Jebsen Group as partner of choice to jointly develop the market and the business of Marine Cybernetics.”
“With increased focus on reliability, regularity and safety at sea, as well as introduction of more computer-based control systems critical for operations, Marine Cybernetics is uniquely positioned in a market that is still early in its development”, says Hans Peter Jebsen, Chairman of Kristian Gerhard Jebsen Group. “We in Kristian Gerhard Jebsen Group look forward to working with DNV GL to develop Marine Cybernetics as the market leader within third party testing and verification of control systems critical for safe operations at sea.”
“This will be a game changing platform to enhance safety and increase operational efficiency in the offshore and maritime industries,” says DNV GL Group COO and EVP Remi Eriksen, who also will be the Chairman of the Board for Marine Cybernetics. He adds, “As long as Kristian Gerhard Jebsen Group is a shareholder, Marine Cybernetics will remain a legally independent company. Going forward, KGJG will own an increased 30% stake, with DNV GL holding the remaining 70%. This partnership will allow us to further use the gained knowledge and broad industry networks of the Kristian Gerhard Jebsen Group that will benefit the Marine Cybernetics business.”
Within DNV GL, Marine Cybernetics will initially be treated as an Independent Business Unit. After a transition period of three years, DNV GL will have the possibility to attain sole ownership and to fully integrate the Marine Cybernetics business into the DNV GL Group.
Kristian Gerhard Jebsen Group is an international shipping group owning and operating a large fleet of vessels consisting of large product tankers, OBOs, crude oil tankers, cement carriers and dry cargo vessels. The Group’s business also includes asset management activities with the focus on investments within the energy sector, real estate and private equity holdings. The Group has offices in Bergen, Singapore, Manila and Oslo. Kristian Gerhard Jebsen Group is one of DNV GL’s key maritime customers in Norway.