OCEANTEAM ASA - SUSPENDS SERVICES OF AUDITOR KPMG
Nov 14 2017
Oceanteam ASA, the Dutch Norwegian offshore service provider listed on the Oslo Stock Exchange, has suspended KPMG's services, the Company's auditor in Norway. The decision was made based on Oceanteam's investigative findings regarding audit costs that were charged for work not performed.
The investigation by an independent consultancy firm also showed that the amounts charged by KPMG compared to audit costs of peer companies in the offshore industry were substantially higher. Despite attempts made to resolve the dispute, to optimise costs and to improve the efficiency of KPMG's services, no solution could be reached during 2017.
Oceanteam's Board of Directors has therefore unanimously resolved to suspend the services of KPMG with immediate effect and has initiated an additional investigation by an independent expert for the fiscal years 2015, 2016 and 2017 to re-evaluate the services and charges made.
The Company has notified KPMG about the suspension, but continues its effort to resolve the matter in an amicable way.
Oceanteam has reported its decision to suspend the services of KPMG to the Financial Supervisory Authority of Norway and is now in the process of filing an official complaint.
About Oceanteam ASA
The Company is comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions. Oceanteam Shipping owns, charters and manages deep-water offshore support vessels and fast support vessels. Oceanteam Solutions' focus is to provide its clients with complete offshore solutions. Oceanteam ASA has been active in the industry as an offshore solutions provider for over twelve years.
For more information: www.oceanteam.no
For further information about Oceanteam ASA please contact:
CEO Haico Halbesma: +31 20 53 57 570, email@example.com
CFO Jos van Dijk: +31 20 53 57 570, firstname.lastname@example.org
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.