Oceanteam disputes withdrawal of services by auditor in Norway

Oceanteam, a Dutch Norwegian offshore service provider, is disputing a withdrawal of services by its auditor in Norway, KPMG.

To remind, Oceanteam on November 14 suspended KPMG’s services citing its investigative findings regarding audit costs that were charged for work not performed as the reason behind the decision.

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, Oceanteam claimed.

Following the suspension, KPMG has informed Oceanteam that it withdraws its services as statutory auditor in Norway with immediate effect, according to Oceanteam’s statement on Thursday.

Oceanteam disputed the validity of such resignation and said it was in process of filing a formal complaint.

Comprised of two operating segments, Oceanteam Shipping and Oceanteam Solutions, Oceanteam owns, charters and manages deep-water offshore support vessels and fast support vessels and provides its clients with offshore solutions.

Offshore Energy Today Staff

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