Tullow Oil directors got 4% pay rise

TULLOW Oil directors received a 4% salary rise last year, on the back of what management recently referred to as “the company’s best year ever”.

The Dublin and London-quoted exploration company last month reported a 162% surge in pre-tax profits for 2008 to £299 million (e333m), a 59% increase in operating profit and an 8% rise in revenue to £692m (e770m).

The increase in salaries upped chief executive Aidan Heavey’s basic pay to £666,100 (e741,869) last year. Company secretary, Graham Martin, saw his pay rise to £376,700 (e419,550) — the same salary level received by chief operating officer, Paul McDade, and the company’s exploration director, Angus McCoss.

Chief financial officer, Ian Springett — who succeeded Tom Hickey during the second half of last year — received a 10.4% increase to £400,000 (e445,471), according to the company’s annual report for 2008.

In addition to the 4% salary increases, all of Tullow’s executive directors were awarded a performance-related bonus representing 135% of their basic salary.

Only as much as 75% of bonuses at Tullow is paid in cash, with any remaining amount paid in shares, which are deferred over a three-year period.

Mr Heavey gained a monetary bonus of £480,375 (e535,114) last year — boosting his full remuneration package from £1.28m (e1.42m) in 2007 to £1.63m (e1.81m) last year.

Mr Springett’s cash bonus amounted to £163,013 (e181,616), giving him a total package of £301,876 (e336,327).

Both Mr McDade and Mr McCoss received monetary bonuses of £271,688 (e302,694). Their total remuneration packages increased from £645,826 (e719,642) to £890,591 (e992,382) and £674,025 (e751,064) to £889,901 (e991,398) respectively.


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