Faroe boss receives bumper bonus

Graham Stewart, chief executive of Aberdeen-based Faroe Petroleum, received a £293,000 bonus last year after the company swung to a full-year profit and probable reserves rose five-fold to 23.8 million barrels of oil equivalent.

Together with his £318,000 salary, Stewart’s total pay package rose to £628,000, up from £571,000.

Chief operating officer Helge Hammer received a £248,000 bonus and £236,000 salary as part of a total package of £497,000, up from £448,000.

Finance director Iain Lanaghan received a £213,000 bonus and £225,000 salary as part of a £440,000 package, up from £426.000. Investors in Faroe include Dana Petroleum and SSE.

Total boardroom pay rose to £1.8m from £1.65m, according to Faroe’s annual report.