In a statement on Monday, Group Chief executive Henrik Madsen said that DNV GL secured approval of its proposed merger from competition regulators in China, European Union, USA and Soth Korea.

Stiftelsen Det Norske Veritas, or known as DNV, is a classification society that is organized as a foundation who provides managed risk services on industries including energy, oil, finance and food. The Germanischer Lloyd SE, or GL, is a  Hamburg, Germany-based classification society that also provides managed risk services, but mostly concentrates on oil, gas, industrial and wind energy markets.

The merger would be formally appearing under the new name DNV GL Group. It would now be operating in 100 countries across 300 sites with 17,000 employees. The  merger would also bring in EUR2,500 million annually.

"DNV GL will be uniquely positioned to offer a broader set of products and services, more in-depth expertise and a denser global network of sites second to none. And importantly, there is a strong commitment by both DNV and GL to the merged company continuing to invest heavily in technology, research and innovation," Madsen added.