KPMG Confirms Third New Build Vessel

Press Release
Tuesday, October 16, 2012

Fairstar Heavy Transport N.V. ("Fairstar") on 19 July 2012 through a press release notified the market of its commitment regarding a third new build vessel.


As this commitment originated in 2011 Fairstar subsequently published an addendum to its 2011 annual accounts on its own website and on the Oslo Stock Exchange 's newsweb and deposited this with the AFM register. In the Fairstar shareholder meeting of 29 August 2012, the Chairman notified the shareholders in Fairstar that the company's auditor KPMG had commenced additional audit work regarding the 2011 Fairstar annual accounts and that KPMG had advised users should no longer rely on its audit opinion until its additional audit work had been completed. The minutes of this meeting were published on the Fairstar website.


Today Fairstar received a report from KPMG in which KPMG concludes that KPMG concurs with Fairstar's current view that (i) a commit¬ment to invest an amount of USD 111 million with respect to the construction of the Fathom vessel existed as at 31 December 2011; (ii) this commitment should have been disclosed in the 2011 financial statements; and (iii) due to its materiality, the investment commitment of USD 111 million should also have been disclosed in the 2011 management board report of Fairstar.


As the 2011 financial statements have not been adopted by a meeting of shareholders, a new annual report will now be drawn up by Fairstar, audited and presented for adoption to the meeting of shareholders and be published on the company's website and registered with the AFM.
 

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Wood Group Bags Statoil MSA

Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore  and onshore facilities. Work and

Russian Shipbuilder Wins $1 bln Iran Oil Rig Deal

Russian shipbuilder Krasnye Barrikady has been awarded a near-$1 billion contract by Iran to build five offshore drilling rigs for use on Iran's part of the Gulf shelf,

Legal

Sovcomflot IPO Soon

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer.    Economy

First Cruise Company Fined under Australia’s New Fuel Rules

Australia’s NSW Environment Protection Authority (EPA) has fined Carnival PLC $15,000 after one of its P&O Cruises ships, the Pacific Jewel, breached new low sulfur fuel regulations in Sydney Harbour.

UASC Completes Award Winning Finance Deal

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million

Shipbuilding

FIO’s New Research Vessel Enters Build Phase

The 78’ research vessel designed and engineered by Boksa Marine Design (BMD) in 2015 is headed to the building phase beginning in June.   BMD contracted with

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

Vessels

FIO’s New Research Vessel Enters Build Phase

The 78’ research vessel designed and engineered by Boksa Marine Design (BMD) in 2015 is headed to the building phase beginning in June.   BMD contracted with

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

'K' Line Takes Delivery of Corona Series Coal Carrier

Kawasaki Kisen Kaisha, Ltd., Tokyo, (“K” Line) has announced the delivery of Corona Victory, an 88,000 DWT-type special coal carrier at Marugame Shipyard of Imabari Shipbuilding Co.

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1039 sec (10 req/sec)