Talisman energy boss Harold Kvisle has received a resounding vote of support at the company’s annual general meeting.
The shareholder vote saw 99% back his re-appointment as the head of the firm.
The chief executive of the struggling Canadian oil giant was paid over £5million in 2013 but is expected to retire before the end of the year.
Mr Kvisle joined the lossmaking Talisman in September 2012 to lead a change in strategy and turn the company’s fortunes around. The firm is under pressure from investors, including billionaire Carl Icahn, to step up its programme to sell assets and reduce debt.
In February the company unveiled plans to sell its remaining North Sea assets as it focuses on core areas in Canada and the Asia Pacific region.
The Calgary-based firm sold half its UK North Sea assets to the Chinese state-backed Sinopec in a £932m joint venture deal in 2012.
But earlier this month the Canadian oil and gas firm said its share of UK North Sea output had grown nearly 30% during the first quarter of 2014.
The year-on-year increase to an average of 18,000 barrels of oil equivalent (boe) per day was helped by the early restart of production from the troubled Claymore platform, about 100 miles north-east of Aberdeen.
Increased output from Piper and Tweedsmuir were also factors in the company producing more from UK North Sea assets held under its joint-venture with China’s Sinopec.
Claymore came back on stream earlier this year following “unexpected repairs”, boosting hopes that Talisman would reverse a drop in global production in the final quarter of 2013.
First quarter figures from the Calgary-based firm showed oil and gas output from ongoing operations globally was 360,000 boe per day, up 6% from the first three months of last year.
Talisman also highlighted a £590million reduction in net debt as it posted net income of £290million for the latest period, compared with £125.5million a year earlier. Total revenue for the latest quarter came in at just over £790million, compared with around £662million previously.
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