Aberdeen-headquartered Faroe Petroleum has changed its name following a takeover by Norwegian operator DNO.
Faroe Petroleum’s chief executive will pocket £12.5million as he leaves the company following a hostile takeover by Norwegian oil operator DNO.
Faroe Petroleum’s chief executive has hit out at DNO’s hostile takeover bid, saying the Norwegian firm is “not offering the right price”.
Faroe Petroleum’s CEO Graham Stewart saw his total pay package swell to over £1million last year.
Faroe Petroleum bosses benefited from big increases to their pay deals in 2016.
Faroe Petroleum has warned 2016 oil and gas production is likely to be less than it produced in 2015.