Review of financial reporting – Oceanteam ASA
Published: 16 June 2017
Finanstilsynet has reviewed certain matters in the financial statements of Oceanteam ASA (OTS) for 2015.
The Company's auditor had taken a qualified opinion in its audit report for 2015 regarding the valuation of goodwill, due to lack of sufficient and appropriate evidence to support the valuation. Finanstilsynet requested OTS to review the impairment tests and provide sufficient evidence to support the assumptions taken in the impairment testing for year-end 2015 in order for the company's auditor to be able to do a sufficient audit of the carrying value of goodwill. As a consequence of this review OTS decided to take an impairment of MUSD 3,7. The impairment loss was disclosed as a correction of error in the Company's Q4 2016 financial report.
The review has also covered the Company's presentation of the revaluation deficit of vessels in profit and loss. The Company has changed its presentation of the deficit in its Q3 2016 financial report.
In addition, the review has covered certain other matters where a lack of information in the notes to the financial statements for 2015 was identified. The company will improve its notes in the financial statements for 2016.