BREDA, NORWAY--(Marketwire - Oct 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, 16 October 2012, Fairstar received a report from KPMG in which KPMG
concludes that KPMG concurs with Fairstar's current view that (i) a
commitment
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.
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK-OS
and
on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares of Dockwise
subsidiary
Fairstar Heavy Transport N.V. are listed on the Oslo Stock Exchange under
ticker
FAIR-OS
This information is subject of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.
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Source: Dockwise Ltd via Thomson Reuters ONE
[HUG#1649619]