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    Oceanteam suspends KPMG

    Company News // November 15, 2017

    Oceanteam ASA, the Dutch-Norwegian offshore service provider listed on the Oslo Stock Exchange, has suspended KPMG's services. KPMG is the company's auditor in Norway.

    The decision was made based on an investigation by Oceanteam regarding audit costs and charges for work that the company claims was not actually 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.

    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.

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