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Wednesday, 23 March 2016

Moore Stephens reports new low in shipping confidence

Overall confidence levels in the shipping industry fell to a record low in the three months to February 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.

The average confidence level expressed by respondents in the markets in which they operate was 5.0 on a scale of 1 (low) to 10 (high). This compares to the 5.6 recorded in November 2015, and is the lowest rating in the life of the survey, which was launched in May 2008 with a confidence rating of 6.8.

All main categories of respondent with the exception of brokers (up from 4.6 to 5.1) recorded a fall in confidence this time, most notably charterers (down from 5.5 to 3.9), which is the lowest confidence rating by any category of respondent in the history of the survey. Confidence on the part of owners and managers was also down, from 5.7 to 4.8 and from 5.8 to 5.5 respectively.

Geographically, confidence was down in all major areas covered by the survey – in Asia from 6.0 to 4.4, in Europe from 5.4 to 5.1, and in North America from 5.7 to 4.7.

A number of respondents continued to express concern about the level of overtonnaging, with one pointing out, “Newbuilding deliveries for 2016 will increase the total fleet by 10.5%, 7% of the current fleet is older than 20 years, and cargo volumes in 2015 were just 4.5% higher than in 2014, so the expected available fleet per metric ton of dry cargo available will be higher at the end of 2016 than it is now. As a result, there is no chance of freight levels improving.” Another respondent said, “As long as shipowners operate based on hope rather than on solid economics, there will always be booms and busts.”

Particular concern was expressed about the state of the dry bulk market, with one respondent commenting, “No dry bulk business makes any remote sense. There are too many players, too many operators, and too many vessels chasing too few cargoes. Most fixtures are concluded merely to keep the banks happy in the belief that some tiny amount of cashflow is coming in.” Elsewhere it was noted, “Dry bulk is simply at the bottom of the bottom, and actually a little lower than that.”

The need for accelerated demolition was also identified by a number of respondents, one of whom noted, “Scrapping activity is far from sufficient to compensate for incoming new tonnage.” Another observed, “Low scrapping prices provide little motivation for owners to demolish ships,” although another still said, “Increased scrapping may help achieve equilibrium in the dry bulk sector sooner rather than later.”

Falling oil prices were also a recurring topic in responses to the survey. One respondent said, “Global bulk oil movements will be the key to conditions in the tanker market over the next 12 months. With storage facilities almost full to capacity, there will be nowhere to stock additional supplies unless global economies pick up and oil production is regulated.” Other respondents, meanwhile, saw some solace in soft oil prices, typified by the comment that, “The wet markets stand a better chance of remaining profitable on the back of weak crude oil prices.” Elsewhere, however, there was concern about the effect of falling oil prices on the offshore maritime sector, with one respondent noting, “There are companies in the offshore shipping market which are under pressure and in potential danger of being shut down.”

The likelihood of respondents making a major investment or significant development over the next 12 months was down on the previous survey, on a scale of 1 to 10, from 5.2 to 4.8, which equals the figure recorded in February 2009 as the lowest in the life of the survey to date. Owners, managers and brokers were less confident in this regard than they were three months ago, but the confidence of charterers was up, from 4.8 to 5.1. One respondent said, “We are paying for excessive investments over the past five years by speculative funds that would win an Oscar for the quickest/largest destruction of capital in the shipping world.” Another said, “Weak demand is undermining confidence and investment.”

The number of respondents who expected finance costs to increase over the next 12 months was down by five percentage points on last time, to 42%. The number of charterers anticipating dearer finance fell by 11 percentage points to 56%, but the number of owners of like mind rose by one percentage point to 36%. The number of brokers expecting a rise in finance costs, meanwhile, fell from 75% to 36%. One respondent said, “Millions of dollars are lost each day by owners, and soon will be by bankers. We are navigating very risky waters.” Another noted, “There is no future in this industry unless all sectors, including financiers, take a more in-depth approach.”

Demand trends, competition and tonnage supply featured as the top three factors cited by respondents as those likely to influence performance most significantly over the coming 12 months. Demand trends, which were up by two percentage points to 26%, remained in first place, with competition (unchanged at 21%) in second place. Tonnage supply, at 15%, occupied third place, one percentage point ahead of finance costs. Operating costs, up by six percentage points to 12%, featured in fifth place, ahead of fuel costs and regulation at 4%, the latter representing a five percentage-point drop on the figures for November 2015.

One respondent said, “Demand has let us down at the most inopportune moment possible,” while another predicted, “Competition will remain fierce and only by aggressive marketing will we achieve growth.”

There was a 16 percentage-point increase in the number of respondents anticipating lower freight rates in the tanker markets. But there was a small increase in the number of respondents anticipating higher rates in the dry bulk and container ship sectors, compared to the figures for November 2015. The net sentiment in the tanker market was -23, but +22 and +8 in the dry bulk and container ship sectors respectively.

“Tankers should be able to benefit in 2016 from the lack of market consensus over oil price movements, with longer-term decisions delayed as operators search for direction,” noted one respondent, while another commented, “Dry bulk provides opportunities for investment only for cash-rich owners who can afford to lose in the near term.” In the container ship sector, meanwhile, the point was made that, “Sometimes it seems that container ship operators are guided more by market share considerations than by sound economics.”

Respondents were asked a stand-alone question concerning the level which they expected crude oil prices to be at in 12 months’ time. 31% predicted that the price would be between $30 and $39, while 26% put the figure at between $40 and $49. 10% of respondents thought the price would fall between $20 and $29.
One respondent said, “It would be no surprise if crude tops $50 in the next 12 months, but anything significantly above that is unlikely.”

Richard Greiner, Moore Stephens Partner, Shipping Industry Group, says: “Shipping continued along its volatile course in the three months to end-February 2016, with the confidence of industry participants reaching the lowest level since our survey was launched in May 2008. This is disappointing and unsurprising in equal measure.

“When the Baltic Dry Index drops to an all-time low it is a real indication of the problems facing the shipping industry. The BDI doesn’t lie, and any doubts about the extent of those problems would have been dispelled over the past three months when reports of the fall in the BDI started to appear in the mass media, which generally carries only bad news insofar as it impacts the shipping industry.

“Most recently, however, there is better news, with the BDI starting to move upwards once more, gaining over 100 points within six weeks of plumbing the depths. Moreover, there is a reasonable expectation that the approaching peak harvest season will bolster demand for ships to carry grain and other commodities on international trade routes. This should boost the BDI further and, while shrinking demand for raw materials from China will continue to have an effect, the world will always need shipping to move its trade staples.

“Overcapacity in any industry will inevitably lead to price-cutting and eventually to financial difficulties for the weakest, the least well-prepared, or sometimes simply the unluckiest. Shipping has had its share of bankruptcies, foreclosures and restructurings during the past few years, and it is likely that we will see more over the coming months, with negotiations doubtless enlivened by the fact that shipping’s purse-strings today are often controlled by an intriguing mix of private equity and traditional shipping finance.

“The simple answer to overcapacity is to reduce the numbers, but ships are too big to hide and disposing of excess units is more difficult in shipping than in most other industries, particularly when there are record numbers of new cabs just waiting to come off the rank. Increased ship recycling is one obvious answer, although current low scrap prices mean that fewer numbers of most tonnage types are being recycled.

“In a climate of continuing overcapacity, increased regulation, ongoing political unrest and economic instability, the shipping industry must find a way to supplement the bread-and-butter of its livelihood – the freight markets. Current indications are not good. The tanker industry may still be reaping a somewhat perverse benefit from low crude oil prices, but that window of opportunity may be starting to show the first signs of closing. Roughly a quarter of respondents to our survey predicted that crude prices would be between $40 and $49 in 12 months’ time which, whilst it would have bought you only just under half a barrel less than two years ago, is more in line with the current price level.

“The dry bulk sector, meanwhile, looks especially troubled, with one respondent to our survey claiming that new historic lows in dry bulk freight rates are being set every day. Reports suggest, however, that more and younger dry bulk vessels are being recycled in spite of weak demolition rates, and contrary to the trend with other categories of tonnage.

“In any industry, the price of a service or product must exceed the cost of providing that service or product in order to achieve a return on investment. In shipping, that is simply not happening at present. Operating costs are going up while freight rates generally are not even keeping pace. Nobody doubts the ability of shipping to bounce back. It has a long history of doing just that. This time, the only question is when.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping, offshore maritime and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 657 offices of independent member firms in 106 countries, employing 27,613 people and generating revenues in 2015 of $2.7 billion. www.moorestephens.co.uk

For more information:
Richard Greiner
Moore Stephens LLP
Tel: +44 (0)20 7334 9191

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LISCR chief says integrity is essential to success and safety in shipping

LISCR chief says integrity is essential to success and safety in shipping

Scott Bergeron, chief executive of the Liberian International Ship & Corporate Registry (LISCR), says companies need integrity, regard for the value of people, a commitment to technological innovation and an understanding of the value of customer service in order to be successful in tomorrow’s shipping industry.

Addressing the CMA Shipping 2016 meeting in Stamford, Connecticut, Bergeron said, “The integrity of the Liberian Registry is tested regularly. It is usually easy to say ‘Yes’ to a client, because nobody wants to hear complaints or suffer the potential consequences of failing to agree to a request. The difficult part comes when you need to say ‘No’.

In a live poll of the audience at the well-attended conference, a majority of shipping industry representatives indicated that integrity is routinely compromised in the name of financial gain. Bergeron encouraged the industry to do much better, outlining examples of where the Liberian Registry will not compromise on safety. These included not negotiating on minimum safe manning and not approving unacceptable risk. “When the customer proposes an unreasonable risk,” he said, “we need to have the confidence of our convictions.”

Bergeron went on to stress the importance of companies being able to demonstrate consistently the high value they place on their people. In contrast, he noted that he was saddened to see how some seafarers are being treated during the current economic downturn. Bergeron said, “It is not uncommon that wage payments are delayed and crew changes are prolonged beyond reason. Even worse, there are an increasing number of cases of crew abandonment.”

Bergeron also emphasised that technological awareness and the ability to provide first-class customer service are essential to the success of any commercial organisation in the shipping industry. He said, “In many cases, the shipping industry can be slow to adopt technology, both ashore and afloat. Yet early and effective adoption is a critical element of commercial success.

“The Liberian flag is the most innovative in the business, with an ever-growing list of technology firsts to its name, including the implementation of the first online fee calculator and the first flag state mobile app. Liberia was also the first ship register to provide electronic certificates for vessels, with online verification through tracking and identification numbers. Our philosophy is to apply technology to meet challenges, improve efficiency, reduce expenses for clients, and improve the overall experience that our clients have in working with us.

“It took our competitors more than ten years to offer something similar to our online portal facilitating applications for seafarer documents, and most flags still do not have this ability. The benefits exceed all expectations, with some clients achieving savings of hundreds of thousands of dollars in reduced courier fees as a result of using this system.”

On the subject of customer service, Bergeron told the CMA meeting, “The Liberian Registry listens to its clients, and what it hears has led to some of its greatest accomplishments, including the online application system and the registry’s extensive use of electronic certificates.”

In conclusion, Bergeron defined the successful company of the future as one that applies technological innovation early and effectively, consistently places a high value on the people who make the company run, regards integrity as paramount, and always understands and tries to satisfy the needs of its customers.

The Liberian Registry is one of the world’s largest and most active shipping registers, and has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. Moreover, it has a well-deserved reputation for supporting international legislation designed to maintain and improve the safety and effectiveness of the shipping industry and protection of the marine environment.


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Wednesday, 16 March 2016

UK Budget 2016 provides surprises for shipping and radical measures for offshore maritime sector

Leading accountant and shipping adviser Moore Stephens says the UK Budget 2016 contains a number of surprise developments which are likely to be of interest to the shipping sector, as well as a radical set of measures which it is hoped will assist the offshore maritime oil and gas sector.

The Government announced a further reduction in the rate of corporation tax, which will be 17% from 1 April 2020. There are also significant reductions in the rates of capital gains tax. From 6 April 2016, the higher rate of capital gains tax for individuals will be reduced from 28% to 20%, and the basic rate will be reduced from 18% to 10%, although an additional 8% will apply for carried interest and for gains on some residential property. In addition, Entrepreneurs’ Relief will be extended to apply to long-term investors in unlisted companies. Under these new rules, a 10% rate of capital gains tax will apply for gains on newly issued shares in unlisted companies acquired on or after 17 March 2016, provided they are held for at least three years from 6 April 2016. There is a separate lifetime limit of £10 million of gains.

New measures to support the oil and gas sector, meanwhile, include the effective abolition of petroleum revenue tax by permanently reducing the rate from 35% to 0% with effect from 1 January 2016. The supplementary charge will also be reduced from 20% to 10% with effect from 1 January 2016. The Government will provide a further £20 million of funding for another round of seismic surveys in 2016-17, and extend Investment and Cluster Area Allowances to include tariff income in order to encourage investment in infrastructure maintained for the benefit of third parties. In addition, it will provide greater certainty that companies will be entitled to tax relief on decommissioning costs when they retain decommissioning liabilities for an asset after a sale. Other measures include a commitment from the Government to work further with the Oil and Gas Authority to reduce overall decommissioning costs, and a willingness to consider proposals for using the UK Guarantees Scheme for infrastructure where it could help secure new investment in assets of strategic importance to maximise economic recovery of oil and gas.

There are other items in the Budget which may be of interest to the maritime sector. A discussion document will be issued in Spring 2016 with options for changes to the tax treatment of leases of plant and machinery in response to new accounting standard IFRS16. Companies in tonnage tax are, however, unlikely to be affected by any such changes. Where a ‘close’ company makes a loan to a participator, the tax payable will be increased from 25% to 32.5% in April 2016, with effect for loans made on or after 6 April 2016.

The Government has announced changes to corporation tax loss relief aimed at achieving greater flexibility. For losses incurred on or after 1 April 2017, companies will be able to use carried-forward losses against profits from other income streams and other companies within a group. Currently such losses can only be offset against trading profits relating to the same trade arising in the same company. However, to the extent that profits are in excess of £5 million, it will only be possible to offset 50% of the profits using tax trading losses brought forward.

The Government is also to cap the amount of tax relief for interest payable to 30% of taxable earnings in the UK or based on the net interest earnings ratio for the worldwide group. There will be a threshold limit of £2 million net UK interest expense. Further details are yet to be announced.

Finally, there were some further announcements relating to the ongoing major reform to non domicile taxation. From 2017, non-doms who have been resident in the UK for more than 15 out of the previous 20 tax years will be taxed as if they are deemed UK domiciled. In addition, individuals with a UK domicile of origin will revert to that status for tax purposes when resident in the UK.

Moore Stephens tax partner Gill Smith says, “Significant changes to the treatment of long-term resident non-doms, to take effect from 6 April 2017, were originally announced in the 2015 Budget. For such a significant change to the taxation of this group of taxpayers, the lack of detail since the original announcement has been concerning.”

The Budget papers only make very limited, but potentially important, reference to the changes. These are:

Non-doms who become deemed domiciled from April 2017 will benefit from uplift in the cost basis of their non-UK assets. It remains to be seen whether this applies to assets held via offshore trusts or whether individuals who become deemed domiciled at a later date will also benefit from this uplift.

Non-doms who become deemed domiciled will benefit from transitional provisions with regard to offshore funds to provide certainty on how amounts remitted to the UK will be taxed, although again it is not clear whether this applies to those becoming deemed domiciled on 6 April 2017 or at a later date. This may give a measure of relief from the notoriously complex mixed fund rules which determine the source of remittances made to the UK by non-doms.

Confirmation that non-doms who establish offshore trusts before becoming deemed domiciled will not be taxed on income or gains retained within the trust. Previous updates have indicated that UK source income would remain taxable on the non-dom in these circumstances, but no reference is made to this in the Budget documents.

Gill Smith concludes, “The measures announced are helpful at least to some extent, but the details are limited and there are many other areas that need considering prior to April 2017. These delays cause uncertainty and may result in affected taxpayers choosing to leave the UK. There are no further announcements on the proposal to charge owners of UK residential properties held through non-UK structures inheritance tax with effect from 6 April 2017. Again, this lack of detail is unsettling for clients and more detail is urgently required.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping, offshore maritime and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 657 offices of independent member firms in 106 countries, employing 27,613 people and generating revenues in 2015 of $2.7 billion. www.moorestephens.co.uk

For more information:
Gill Smith
Moore Stephens LLP
Tel: +44 (0)20 7334 9191

Sue Bill
Moore Stephens LLP
Tel: +44 (0)20 7334 9191

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Tuesday, 15 March 2016

Bureau Veritas slashes design review times with digital 3D model

 Leading international classification society Bureau Veritas has dramatically slashed structural computational and verification times.

The dramatic reduction in the time needed to check the structure, seakeeping and stability of new vessels and floating offshore units is being delivered through the use of a powerful 3D model which links directly to BV’s entire VeriSTAR suite of calculation tools.

Philippe Donche-Gay, Executive Vice-President, Marine & Offshore Division, says, “The power and ease of use of our new modelling software enables us to build a detailed 3D model of the proposed vessel very quickly, much more quickly than has ever been achieved before. That model interfaces directly with all our tools, meaning no data has to be entered twice, saving time and improving accuracy. Ship designers, shipyards, ship owners and offshore operators are going to benefit from major time and cost savings as we move our entire design and plan approval onto this new digital platform.”

Bureau Veritas’ new system is based on a strategic partnership with France’s Dassault Systèmes under which Bureau Veritas will use Dassault’s 3DEXPERIENCE platform to dramatically speed the creation of detailed 3D models of ships and floating offshore units.

The model allows end-to-end calculation without data re-entry through all the analysis and design phases, then will facilitate construction by simplifying the order of steel cutting. It will then go on to form a digital twin of the vessel or unit and be maintained in an as-is state for the life of the unit. This will facilitate maintenance and repair or conversion decisions.

A pilot project with the well-known Chinese design institute SDARI has been completed. Two new aframax and suezmax tanker projects from this designer were modelled by using the new 3D platform. The models were then automatically transferred into BV’s structural calculation software VeriSTAR Hull, in which the latest CSR Rules for oil tankers are fully integrated.  The process enabled the designer to check compliance with the CSR Rules in a very quick, powerful and easy way.

Says Donche-Gay, “What’s different about this new platform, and what creates the time and cost saving, is the power of the modelling software. We now only have to build one model and we do not have to create multiple data sets to use different tools for hull strength, stability and other vital calculations. We also improve traceability in-house as there is only one data entry.”

Bureau Veritas Marine & Offshore Division is leading the digital transformation of the Bureau Veritas group and will be introducing a series of new apps and services during 2016 which will speed services and improve communication between clients and the classification society.

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 66,000 employees in around 1,400 offices and laboratories located all across the globe. Bureau Veritas helps its clients to improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility. Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.

Marine client portal www.veristar.com  


Philippe Boisson
Bureau Veritas
+33 (0)1 55 24 71 98

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Thursday, 3 March 2016

Centrale Nantes and Bureau Veritas create international research Chair for the ship of the future in partnership with HydrOcean and Nextflow Software

A ten year finance package of Euro 7.5 million marks this as a key investment in research.

The École Centrale de Nantes (ECN), one of France’s top engineering universities, and leading classification society Bureau Veritas have joined forces to create a new International Chair  in research on Hydrodynamics and Marine Structures.  The aim is to improve the safety and performance of vessels of the future. The ambitious research programme also includes HydrOcean, part of the BV Group, a key provider of CFD-based optimisation services and Nextflow Software, a start-up dedicated to fluid dynamics software.

The new Chair will make possible technical innovations for the conception, design, performance, safety and environmental friendliness of ships and offshore structures.

“This chair is concrete evidence of the desire of Bureau Veritas to link with the innovation and research of one of the top engineering faculties to create new services which will help our clients to improve the safety and environmental friendlessness of their fleets,” says Philippe Donche-Gay, Head of the Marine and Offshore division, Bureau Veritas.

“This next step in our long collaboration in maritime matters allows us to go further together and to harness the power of numerical simulation to develop better ships,” says Arnaud Poitou, Director of Centrale Nantes.
David Le Touzé, Professor at Centrale Nantes, will be the first holder of the new Chair. He leads a twenty-person research group at ECN hydrodynamics laboratory and is known for his numerical simulation expertise.
The work of the Chair will be focussed on three complementary areas: the development of numerical simulation tools; their validation in the testing facilities of École Centrale de Nantes which are amongst the best in Europe; and developing efficient methodologies for dealing with hydrodynamic and hydro–structural problems.

Centrale Nantes

A member of Groupe des Écoles Centrale, Centrale Nantes is a leading engineering university in France. Centrale Nantes has a strong competence in numerical and experimental hydrodynamics.

Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 66,000 employees located in 1,400 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit

For more information:

Ecole Centrale de Nantes
Valérie Chilard - 02 40 37 16 87 / valerie.chilard@ec-nantes.fr

Bureau Veritas/ HydrOcean:
Philippe Boisson – 01 55 24 71 98 – 06 80 67 66 12 / philippe.boisson@bureauveritas.com

Wednesday, 2 March 2016

Bureau Veritas and Dassault Systèmes Partner to Drive Digital Transformation for Marine and Offshore Companies

Bureau Veritas’ New Asset Integrity Management System Leverages Dassault Systèmes’ 3DEXPERIENCE Platform’s Unified, Collaborative Digital Environment

Neuilly-sur-Seine, France, March 2, 2016 - Leading international classification society Bureau Veritas has entered into a strategic partnership with Dassault Systèmes, the 3DEXPERIENCE Company, world leader in 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions, in which Bureau Veritas will use Dassault Systèmes’ 3DEXPERIENCE platform to enable the continuous assessment throughout the lifetime of ships and offshore platforms, as well as the equipment found on them.

Bureau Veritas’ integrated Asset Integrity Management System will help owners and operators in their decision-making and improve maintenance and repair, seeking to reduce cost and downtime. This will rely on a joint development program that will ensure interoperability with third party software and related data standards. 

Owners and operators of all sizes must manage and satisfy requirements spanning productivity, safety and the environment, all while minimizing business risk.  A collaborative digital environment connecting Bureau Veritas with its ecosystem of operators and owners and their contractors offers an enhanced user experience for improving efficiency, rapidity, quality and safety.

Didier Michaud-Daniel, Chief Executive Officer, Bureau Veritas Group, says, “The power of Dassault Systèmes’ 3DEXPERIENCE platform will enable our engineers to collaborate on every ship and unit, link them with our VeriSTAR tools and save time and money for our clients while improving accuracy and traceability. This partnership with Dassault Systèmes and the initiatives which flow from it are some of the first steps in the digital transformation of Bureau Veritas.”

Bernard Charlès, President and Chief Executive Officer, Dassault Systèmes, said, “Certification is becoming a necessary and a collaborative process in an increased number of industries. In this perspective, 3D model-based certification is a strategic method that must leverage digital continuity, as already proven in Life Sciences and Financial services. Dassault Systèmes 3DEXPERIENCE platform enables companies to move from a document-based to an experience-based certification approach. Our cooperation with Bureau Veritas aims to empower businesses with this competitive differentiation factor.”

About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 66,000 employees located in 1,400 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit

About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, provides business and people with virtual universes to imagine sustainable innovations.  Its world-leading solutions transform the way products are designed, produced, and supported.  Dassault Systèmes’ collaborative solutions foster social innovation, expanding possibilities for the virtual world to improve the real world.  The group brings value to over 210,000 customers of all sizes, in all industries, in more than 140 countries.  For more information, visit www.3ds.com.

3DEXPERIENCE, the Compass logo and the 3DS logo, CATIA, SOLIDWORKS, ENOVIA, DELMIA, SIMULIA, GEOVIA, EXALEAD, 3D VIA, BIOVIA, NETVIBES and 3DEXCITE are registered trademarks of Dassault Systèmes or its subsidiaries in the US and/or other countries.


Claire Plais: +33 (0)1 55 24 76 09
Mark Reinhard: +33 (0)1 55 24 77 80
Philippe Boisson: +33 (0)1 55 24 71 98

Dassault Systèmes Press Contacts :
Corporate / France             Arnaud MALHERBE           arnaud.malherbe@3ds.com              +33 (0)1 61 62 87 73
North America                    Suzanne MORAN               suzanne.moran@3ds.com                +1 (781) 810 3774
EMEAR                              Virginie BLINDENBERG    virginie.blindenberg@3ds.com              +33 (0) 1 61 62 84 21
China                                  Grace MU                           grace.mu@3ds.com                         +86 10 6536 2288
Japan                                 Yukiko SATO                      yukiko.sato@3ds.com                      +81 3 4321 3841
Korea                                  Myoungjoo CHOI                myoungjoo.choi@3ds.com               +82 10 8947 6493
India                                   Seema SIDDIQUI seema.siddiqui@3ds.com                +91 1244 577 100

AP South                            Tricia SIM                           tricia.sim@3ds.com                          +65 6511 7954

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