ALLISTER Langlands, chief executive of Wood Group, has netted around £1.5 million after selling shares in the oil services company.

Aberdeen-based Wood Group told investors Mr Langlands sold 199,206 shares that he was awarded under the company's Long- Term Incentive Plan (LTIP) for 743p each on Monday.

Mr Langlands was awarded 254,206 shares, worth around £1.9m in total at yesterday's closing price for Wood Group shares of 739.5p.

He retains an interest in 457,631 shares worth £3.4m.

Some 63,552 of these were granted to Mr Langlands under restrictions that will be lifted after two years if the relevant terms are met.

Wood Group introduced a Long-Term Incentive Plan for executive directors and senior managers in 2008. The company says the LTIP is designed to "focus and incentivise" performance over a three-year cycle.

For executive directors the targets are based 75% on growth in adjusted earnings per share and 25% on Total Shareholder Return relative to an industry peer group.

The company has been enjoying strong growth amid the boom in oil and gas markets.

Wood Group increased underlying profits from continuing operations by 56% to $342m (£220m) in 2011, from $219m in 2010, helped by strong activity levels off Scotland.

Four other executive directors, including finance director Alan Semple, were awarded a total of 696,375 shares on Monday, worth around £5.1m in total.