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
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, firstname.lastname@example.org
CFO Jos van Dijk: +31 20 53 57 570, email@example.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.