Langlands' pay up 15% as Wood breaks $5bn mark

Published on Wednesday 6 April 2011 17:47

WOOD Group chief executive Allister Langlands pocketed a 15 per cent rise in his pay packet as sales at the Aberdeen-based energy services heavyweight broke through the $5 billion (£3bn) for the first time.

Langlands' overall earnings last year reached 898,000, up from 782,000 in 2009, according to the group's annual report, which was published yesterday. He picked up a cash bonus of 202,000, a deferred bonus of the same amount and 14,000 in other benefits.

Founder and chairman Sir Ian Wood's cash and deferred bonuses rose from 152,000 to 210,000, taking his total remuneration to 474,000, a 14 per cent increase on 2009.

Wood is set to benefit from the sale of its well services division to General Electric. That deal will result in the return of "not less" than $1.7bn to shareholders.