£2m pay packet for entrepreneur Steve Remp

ENERGY entrepreneur Steve Remp, who in January parted company with the business he founded more than 34 years ago, was awarded a £1.7 million bonus before he left.

The payment was part of a £2.86m “profit bonus” pool shared by three executive directors at SeaEnergy after the company, formerly known as Ramco Energy, recorded a bumper £25.3m profit last year.

This followed the sale of its renewables business to Spanish oil giant Repsol.

Together with his £317,000 in benefits, the payment took Remp’s total pay package to £2.09m last year, up from £352,000 the previous year. Steve Bertram, commercial director, received a £715,000 bonus as part of a £949,000 package and finance director Chris Moar received a £429,000 bonus as part of £627,000 package.

The company’s annual report said that following an independent review, new remuneration arrangements were being introduced with lower base salaries for the executive team and a discretionary performance bonus and long term incentive scheme would replace the previous bonus which was based on net profits.

Remp left his post as executive chairman at SeaEnergy with a £500,000 compensation payment in January. A statement from the Aim-quoted company at the time said that Remp was stepping down to focus on “personal investment activities”. Remp also acquired some of the group’s oil and gas exploration interests in Montenegro at the same time.