Two former bosses of troubled oil service firm Cape have received compensation payments totalling more than £1million.
Cape, which issued a series of profit warnings last year, released the information in its annual report yesterday. Former chief executive Martin May quit unexpectedly in March 2012, after six years at the helm, before management problems at the firm’s Australian business and an Algerian project became fully apparent.
Ex-chief financial officer Richard Bingham stood down last November after a mis-valuation of some balance-sheet items in its Australian operation.
Mr May received £665,000 compensation for loss of office and Mr Bingham £471,000.
Current CEO Joe Oatley took a £80,000 reduction in salary on taking office and refused a 2.5% pay rise for 2013. Mr Oatley said in the annual report: “2012 has been a challenging year for Cape and one of significant change, including the recruitment of a new senior management team.
“It is clear that we need to implement a new management model for Cape to succeed in the future.”
He added that, after a root-and-branch review of the firm, it was now on a firm footing to move into 2013.
Various related write-offs and exceptional charges in the accounts totalled more than £150million.
The group employs 19,000-plus people worldwide, including about 1,200 in the North Sea and its operations base in Aberdeen.
Meanwhile, bosses at energy service rival Amec have sold company shares worth hundreds of thousands of pounds.
Chief executive Samir Brikho sold shares worth £230,500, while chief finance officer Ian McHoul’s disposal netted more than £300,000.
Four top Network Rail (NR) bosses have been awarded bonuses totalling more than £600,000.
The long-term incentive plan payments, including £168,000 to finance director Patrick Butcher, come at a time when rail regulators have been critical of NR’s performance on the railways.
Under the plan, network operations managing director Robin Gisby and infrastructure projects MD Simon Kirby both get £158,400, while group strategy director Paul Plummer picks up £148,400.
The payments, reflecting the company’s performance in the 2009-12 period, could have been higher but NR said 20% had been cut to take account of specific safety and train performance issues.