Subsea 7 boss Jean Cahuzac had his pay cut by more than half during the year the oil service giant booked hefty losses.
The French national saw his pay, including base salary, bonus and benefits-in-kind, fall to just £798,000 from £1.7million in 2013.
But the Luxembourg-based company’s annual report for 2014 showed that Mr Cahuzac was in line to be awarded shares worth up to £2.1million.
This was despite the firm making pre-tax losses of £150million due mainly to a £774.4million writedown on a downturn in activity.
Mr Cahuzac said 2014 had been a “robust” year for the firm, including its North Sea operations, where it has bases in Aberdeen, Westhill and Wick.
Despite the losses, the firm made £917million in earnings before interest, taxation, depreciation and amortisation on revenue up by 9% at £4.5billion in 2014.
The value of the firm’s Oslo Bors-listed shares have slumped over 33% since a peak in June last year.
Subsea 7 was unavailable for comment.
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