Oceanteam and KPMG battle over billing dispute

Oceanteam and KPMG battle over billing dispute

Dutch Norwegian offshore services company Oceanteam says that KPMG has withdrawn its services as the company’s statutory auditor in Norway with immediate effect.

The withdrawal by KPMG comes after Oceanteam revealed last week that is had suspended KMPG’s services, claiming to have discovered audit costs that were charged for work not performed.

An investigation by Oceanteam, performed by an independent consultancy firm, claims that “amounts charged by KPMG compared to audit costs of peer companies in the offshore industry were substantially higher.”

The two companies have been unable to resolve the dispute, which led to Oceanteam launching further investigations for fiscal years 2015, 2016 and 2017.

In response to KPMG’s move to withdraw its services, Oceanteam said it disputes the validity of the resignation and is in process of filing a formal complaint.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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