DNV – a provider of risk assessment services to industries such as the wind power sector – has acquired, as part of a strategic partnership with StormGeo, the right to purchase 22.6% of StormGeo's shares through a mutually convertible capital issue.
The core focus of StormGeo will remain within the fields of renewable energy, oil exploration, shipping, media and aviation. StormGeo currently operates out of 12 offices in nine countries, and the agreement with DNV will expand that footprint, as DNV has operations and customers through 300 offices in more than 100 countries.
DNV and StormGeo will cooperate to continue developing risk assessment and efficiency programs for all types of entities operating in rough climates.
While DNV becomes the largest minority shareholder, Reiten & Co. retains its majority holding (51%). Erik Langaker (Vestland Invest), TV2 Invest and Siri Kalvig, as well as the management group, will not sell any shares as part of the transaction.