TRANSFIELD - STOLT COMEX SEAWAY
JOINT VENTURE ACCOUNTS
30 JUNE 1997
TRANSFIELD - STOLT COMEX SEAWAY JOINT VENTURE
INDEPENDENT AUDIT REPORT TO THE JOINT VENTURE PARTIES
We have audited the financial statements of the Transfield-Stolt Comex Seaway Joint Venture for the financial
year ended 30 June 1997 as set out on pages 2 to 11 pursuant to Clause 8.1 of the Joint Venture Agreement.
The Joint Venture Manager is responsible for the financial statements. We have conducted an independent audit
of these financial statements in order to express an opinion on them to the Joint Venture Parties.
Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance
whether the financial statements are free of material misstatement.. Our procedures included examination, on a
test basis, of evidence supporting the amounts and other disclosures in the financial statements, and the evaluation
of accounting policies and significant accounting estimates. These procedures have been undertaken to form an
opinion as to whether, in all material respects, the financial statements are presented fairly in accordance with
Accounting Standards and other professional reporting requirements (Urgent Issues Group Consensus Views) so
as to present a view which is consistent with our understanding of the Joint Venture's financial position, the results
of its operations and its cash flows.
The audit opinion expressed in this report has been formed on the above basis.
In our opinion, the financial statements of the Transfield - Stolt Comex Seaway Joint Venture are properly drawn
(a) so as to give a true and fair view of the Joint Venture's state of affairs as at 30 June 1997 and its loss and cash
flows for the financial year ended on that date;
(b) the accounting records of the Joint Venture have been properly maintained in accordance with the
requirements of the Joint Venture Agreement; and
(c) in accordance with