Oceaneering execs take pay cuts

Oceaneering board has approved voluntary base salary reductions of the executive management and other members of senior management.

Effective 1 May, the company’s CEO Roderick A. Larson agreed to base salary reduction of 15 per cent.

Base salaries for executive level, including the executive leadership and senior vice presidents, will be reduced by 10 per cent

Also, 7.5 per cent base salaries reduction will apply to other senior leadership.

In addition, Oceaneering also approved 20 per cent reductions in the remaining 2020 base cash retainer payments for each of the board members.

Chief executive officer, Roderick Larson, stated:

“I want to thank our senior leadership and board of directors for agreeing to these pay reductions.

“I also look forward to providing more specifics around the strategies we are implementing to reduce costs, increase operational efficiencies, and lower our capital spending on our May 14 conference call regarding first quarter 2020 financial results.”

The Houston based subsea engineering firm is to release its Q1 earnings results 13 May 2020.

For the three months ended 31 December 2019, Oceaneering reported a net loss of $263 million despite revenue rise.

For the twelve months of 2019, Oceaneering reported a net loss of $348 million, or $3.52 per share, on revenue of $2 billion.