Oslo-listed OSV owner Oceanteam is merging with its Dutch unit to avoid a potential liquidation.
The move has been prompted by a falling out with its auditor KPMG Bergen, which left the restructured company in contravention of Norwegian Register of Business Enterprises (NRBE) rules.
KPMG quit in November after Oceanteam suspended its services due to what it said was its "investigative findings regarding audit costs that were charged for work not performed."
