THE chief executive of Cairn Energy, Simon Thomson, has been awarded around £1.7m shares in the oil and gas firm subject to conditions under a programme that put directors and executives in line for shares worth £6.2m in total. Edinburgh-based Cairn said Mr Thomson was awarded 856,994 shares under the long term incentive plan introduce in 2009. The shares were awarded at £1.9407 each. The company said the number of shares that vest will depends upon the extent to which performance conditions are met over a three year period. Cairn’s chief financial officer James Smith stands to receive shares worth up to around £1.1m under the latest awards while director of exploration Richard Heaton could get around £1m worth. Nine directors and senior executives stand to get up to 3.2m shares in total. Announcing annual results on Tuesday, Cairn said recent drilling had confirmed the SNE oil field it discovered off Senegal in 2014 is a world class asset. The company said it could make plenty of money from the giant fields it is developing in the North Sea in spite of the crude price plunge. Mr Thomson has 573,000 Cairn shares currently, worth around £1.1m. He could receive 3.3m shares worth around £6.4m in total under the LTIP subject to conditions.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here