In the latest competitive tender, PwC has been replaced by Deloitte at FTSE 250 oil and gas specialist Hunting plc as the company’s auditor after a 28-year tenure
In a regulatory notice to the London stock exchange, Hunting said the tender was required to comply with Competition and Markets Authority regulations and EU requirements. The board will propose the appointment of Deloitte LLP for the year commencing 1 January 2019 at the company's 2019 annual general meeting.
PwC will remain the group's auditors for the financial year ending 31 December.
According to Hunting’s 2016 annual report and accounts, PwC was paid $2.3m (£1.8m) for audit work, slightly below the 2015 figure of $2.7m (£2.1m).
John Nicholas, chairman of Hunting PLC's audit committee, said: ‘We would like to thank PricewaterhouseCoopers for their significant contribution as auditors of the group since the company's formation in 1989. We look forward, in due course, to working with Deloitte.’
