A north-east businessman who previously awarded himself a £7.5million salary has taken a huge pay cut, it emerged yesterday.
Michael Loggie, of Saltire Energy, was believed to have become the best-paid Scot in history following the remuneration package in the oil service company’s 2010-11 financial year.
Saltire’s latest accounts – for the year to June 30, 2012 – reveal the company’s top-paid director received just £165,000.
It came as the company – which sponsors Open champion and Ryder Cup golfer Paul Lawrie – recorded a 43% rise in turnover to £21.5million.
Profits before exceptional items at Saltire, which supplies drilling tools to the oil and gas industry, increased to £10.7million from £7.7million.
Chief executive Mr Loggie said the year had been an exceptional one for Saltire Energy.
He said Saltire had expanded in Africa and Norway while winning new work in the Middle East, the UK and elsewhere in Europe. Around 60% of the Portlethen-based company’s business is now overseas.
In addition to its north-east headquarters, the firm also has bases in Europe, the Caspian region, the Middle East, Asia-Pacific and Africa.
Saltire has now set its sights on turnover of £32million in the current year.
Mr Loggie said: “We turned over £8million in the first quarter of the current financial year so are well on the way to achieving our targets.
“Over the coming months, we hope to open a further repair facility in central Europe to service the growing number of customers we have in that region and to continue to strategically widen our geographical reach through our network of bases and agents.”
Saltire, which was launched in 1986, employs more than 60 people.
Mr Loggie was previously chief executive of oil service company Cansco, which he set up with business partner Dan Asher in 1986. He left in 2008 to focus on Saltire.
In addition to leading oil and gas companies, the businessman has also been involved in a range of north-east hotels since the 1970s including the Palm Court Hotel and the Queen’s Hotel before it was sold to Malmaison.