EnQuest chief executive Amjad Bseisu has seen his pay fall 33 per cent from £1.36 million to £905,000, according to the company's annual report.
The decrease in Mr Bseisu's remuneration at the oil and gas company is mainly a result of lower bonuses during the year.
The report shows his annual bonus for 2014 was £236,000 and he also received £196,000 through a long-term incentive plan. That came on top of his £430,000 annual salary, pension payments worth £40,000 and £1,000 of additional benefits.
In the prior year his annual bonus had been £410,000 while he got £500,000 through long-term bonuses.
The 2014 report shows chief financial officer Jonathan Swinney was paid a total of £667,000, down from £841,000 in the previous year.
Mr Swinney's annual bonus was £228,000 in the most recent year while he also got £128,000 through a long-term plan, pension payments to the value of £30,000 and additional benefits of £1,000.
His bonus in 2013 had been £267,000 and there was £279,000 from long-term incentives.
EnQuest said one third of the annual bonus for executives is paid in shares which are deferred for two years. It pointed out Mr Bseisu had achieved 24 per cent of the total potentially available to him while Mr Swinney got 36 per cent.
The company said base salaries for both men are not being increased in 2015 due to "challenging market conditions".
The report shows chairman James Buckee was paid £220,000.
Enquest saw its operating income rise to more than $1 billion in 2014, up from $961.2m. However underlying pre-tax profits fell from $338m to $243.3m. More than $820m of write-downs and exceptional items pushed the company to a pre-tax loss of $578.7m.
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