Wood Group boss Bob Keiller has seen his overall pay rise by more than 50% following his promotion.
The chief executive’s total remuneration for the year rose to £1,624,000 during 2013 – up from £1,025,000 when he ran the Wood Group PSN division alone.
The latest figure was made up of £560,000 in basic salary and a bonus of £421,000.
He was also given £545,000 worth of long-term incentives, £84,000 in pension-related benefits, and other benefits, including a car allowance, totalling £14,000.
However, he will take no pay rise in 2014 as his basic salary will remain frozen.
Former chief executive Allister Langlands saw his total package fall from £2.6million in 2012 to £1,173,000 following his move to the chairman’s office.
He is being replaced by former SSE chief executive Ian Marchant in May. Wood Group Engineering chief executive Mike Straughen’s pay also fell from £1,608,000 in 2012 to £1,122,000.
The Aberdeen engineering giant unveiled its “record” results for 2013 as pre-tax profits rose 14% to £247million on revenues of £4.3billion.
But the firm signalled a weaker outlook for its core engineering division this year.
Mr Keiller said US shale will drive growth – but that North Sea contracts are still “healthy”.
Wood Group recently increased its exposure to the onshore oil and gas market in the US with the £130million acquisition of Wyoming-based services firm Elkhorn in November – making the market a “hot spot” for Wood, Mr Keiller said.
But the firm warned that a slowdown in investment by oil majors would affect its offshore business.
“We anticipate growth in subsea and pipeline to be more than offset by a reduction in upstream, where we see good prospects although not of the scale of the significant offshore projects recently completed,” the company said in February. But Mr Keiller said the North Sea, which accounted for 40% of the Wood Group’s revenues in 2013, would remain stable this year due to a number of significant contract extensions.
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