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

Contracts

Novoship to Install Ecochlor BWTS on 4 Tankers

SCF Novoship Technical Management has selected the Ecochlor Ballast Water Treatment System (BWTS) to be retrofitted on three Aframax Oil Tankers and one Product Carrier.

Optimarin Breaks into the Fishing Market

Ballast water treatment (BWT) specialist Optimarin has landed its first ever contract in the fishing segment. The Norwegian firm will now supply its soon to be

ALMACO Wins Statoil Order for 450 Cabins

ALMACO Group was awarded the contract to build 450 NORSOK-compliant Modular Cabins for Statoil’s Johan Sverdrup fixed platform at Apply Leirvik’s yard in Stord, Norway.

Legal

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Subchapter M: The Designated Person Ashore and You

As the workboat industry marches toward Subchapter M, and ever closer to the International Safety Management (ISM) Code, the appointment of a Designated Person Ashore (DPA) becomes more important,

N.Korean Navy Incursion Draws Warning Shots

A North Korean patrol boat crossed into South Korean waters early on Monday and retreated after the South Korean navy fired warning shots, a South Korean military official said.

Shipbuilding

Edison Chouest Opening Mississippi Shipyard

Edison Chouest Offshore locating shipbuilding operations, TopShip, LLC, in Gulfport, Miss.   Gov. Phil Bryant and officials from Edison Chouest Offshore, an offshore

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

Australian Navy Commissions HMAS Adelaide

Royal Australian Navy commissions second LHD HMAS Adelaide powered by GE LM2500 marine gas turbines   GE Marine reports that its LM2500 gas turbines now power

Finance

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Vessels

Novoship to Install Ecochlor BWTS on 4 Tankers

SCF Novoship Technical Management has selected the Ecochlor Ballast Water Treatment System (BWTS) to be retrofitted on three Aframax Oil Tankers and one Product Carrier.

Insights: Benny Cenac, Jr., Owner & CEO, Cenac Towing Company

Arlen “Benny” Cenac Jr. is a third-generation owner of Cenac Towing Company. The firm, originally founded in 1927 by his grandfather, now does business as Cenac Marine Services.

Seaspan Venture: Like for Like

“We don’t usually remove the heads at mid-life on the Cummins engines,” Randy Beckler, Shore Engineer for Seaspan Marine, explained in reference to the 2003 launched

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1049 sec (10 req/sec)