The latest annual report from energy services company Petrofac shows CEO Ayman Asfari took a 45% pay cut in 2019.
Mr Asfari’s total pay package for last year was worth about £980,000, compared with his earnings of nearly £1.8 million in 2018.
The main difference last year was the absence of an annual bonus, which Petrofac said was at Mr Asfari’s request and reflected the challenges faced by the company during 2019 and also its share price performance last year.
Chief financial officer Alistair Cochran received a £464,000 annual bonus last year – down from £698,000 in 2018 – which boosted his overall package to £1.1m, down from just above £1.21m the year before.
In February, Petrofac announced an 80% jump in annual profits but reiterated an earlier warning that its revenue would drop this year.
The firm said 2020 would be a “year of transition” and figures would reflect the low intake of new orders.
But the London-headquartered group said the market outlook was improving and vowed to invest in digital technology to capitalise on the upturn.
Petrofac reported revenue of £4.3 billion for 2019, a decrease of 5% year-on-year due to “project phasing”.
Pre-tax profits climbed to £148 million from £82m, on lower exceptional items and certain “re-measurements”.
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