Oceanteam risks liquidation due to auditor dispute

Oceanteam risks liquidation due to auditor dispute

European offshore services company Oceanteam has received a notice from the Norwegian Register of Business Enterprises extending the period through to April 15 for the company to appoint and register a new auditor.

Should Oceanteam fail to appoint an auditor by the deadline, the register says it will notify the district court which could result in the compulsory liquidation of the company.

Oceanteam says it is working on resolving the issue, which started when Oceanteam suspended the services of auditor KPMG in November last year claiming to have discovered audit costs that were charged for work not performed. KPMG hit back a week later, withdrawing its services as Oceanteam’s statutory auditor in Norway.

The dispute led to Oceanteam launching further investigations into services provided by KPMG for fiscal years 2015, 2016 and 2017.

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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