Executive directors at Aberdeen-based energy services business Wood Group saw their pay packages fall after bonuses were cut following a challenging year for the company.
Annual payouts of only up to 40 per cent of the maximum available under its bonus scheme were paid to board members after a year which saw the group post a 14.5 per cent drop in underlying earnings.
Former chief executive Bob Keiller saw his total package for 2015 drop to £1.15 million from £1.33m the previous year, according to the firm’s annual report published yesterday.
Although his salary of £630,000 was £70,000 higher, his short-term bonus and long-term incentive payments totalled £408,000, down from £672,000 the previous year.
But Keiller, who left his role in December, also received a payment in lieu of notice as a “good leaver” of £477,346.
Robin Watson, who was group chief operating officer and became chief executive at the start of 2016, received £834,000 compared to £1.014m in 2014 and chief financial officer David Kemp, who was appointed in May, was paid £404,000 for the part of the year he served. Chairman Ian Marchant received fees of £275,000.
The company’s annual report also revealed that over 1,440 employees had so far chosen to invest in a new employee share plan which was introduced this year.
Wood Group’s underlying headcount has been slashed by more than 8,000 – or about a fifth – since the end of 2014 due to the slump in oil prices.