DNV and COSCO Shipyard Group Sign Strategic Agreement

DNV and COSCO Shipyard Group signed a Strategic Cooperation Agreement at the World Shipping (China) Summit 2007, marking the cooperation between COSCO and DNV have entered into a new phase.

The signing of the Strategic Cooperation Agreement indicates that the long and trustful cooperation between DNV and COSCO move forward to a new phase. Under the new agreement the two parties are committed to work further to enhance the competence on commercial ship repair, conversion, newbuilding and offshore Classification. Technical support services and training through DNV Academy are also covered by the new agreement. The cooperation agreement is valid to 2012.

Bjorn Haugland, DNV Vice President and Regional Manager said at the signing ceremony: '"Today the strategic agreement signing marks that the cooperation between COSCO and DNV has entered into a new phase. COSCO Shipyard Group is a pilot company in the Chinese ship repair and shipbuilding market and enjoys a high reputation in the global maritime industry. As a leading classification society in the world, we are glad to reach such an agreement with COSCO Shipyard Group and by that further support the rapid development of Chinese shipbuilding and offshore industry.'"

Mr. Wang said, '"COSCO and DNV have established good cooperation over the years in areas such as classification of commercial vessels and offshore structures, enterprise sustainable development system under the United Nation's Global Compact initiative and enterprise risk management etc. The signing of this strategic agreement is another example that these two parties join hands and will further enhance the cooperation between us. COSCO Shipyard's unremitting pursuit in offshore structures and new building aspects and DNV's unique competence and experience in these areas will definitely drive the cooperation to a new chapter.'"

The Agreement was signed by Bjorn K. Haugland, DNV Vice President and Regional Manager for Greater China, and Wang Xingru, General Manager of COSCO Shipyard Group. COSCO Group's President and CEO Captain Wei Jiafu and DNV's President and CEO Dr. Henrik O. Madsen were both present at the signing ceremony.