Tullow directors take €6.2m package

PAYMENTS to directors of Tullow Oil increased by nearly 32% to £5 million (€6.2m) last year.

Long-serving chief executive Aidan Heavey had a 17% pay hike in his remuneration package to £1.28m (€1.6m).

Mr Heavey, who has led Tullow from an exploration minnow to a member of the FTSE100, was paid a basic salary of £610,000 and cash and share bonuses totalling £549,000. Pension contributions and other benefits made up the rest of his pay package.

Finance director Tom Hickey wad paid £781,245, an increase of 18% on his 2006 remuneration. Mr Hickey received a basic salary of £390,000 and bonuses worth £351,000. The company also put £39,000 into his pension fund.

Graham Martin, Tullow’s company secretary and general counsel, saw his pay rise from £626,646 to £710,841.

Angus McCoss, exploration director, was paid £674,025. Chief operating office Paul McDade was paid £645,826 against the £436,471 he got for the nine months after he was named to the executive team in March 2006.

The five other non-executive directors received between £46,000 and £5,000 in fees.

According to Tullow’s annual report for 2007, the executive directors will get basic salary increase of 5%-14.6% in 2008.

Tullow’s revenues rose by 10% last year to £639m, though pre-tax profits fell to £52.5m from £157m in 2006.