Seacor's CEO Gets A Boost - By 140 Percent

Monday, April 09, 2001
Seacor Smit raised its CEO's bonus by 140 percent last year as the provider of offshore marine services to the oil and gas industry reported higher revenue and net income.

Chairman and CEO Charles Fabrikant's bonus rose to $600,000 in 2000 from $250,000 in 1999 while his base salary was unchanged at $500,000 in each of those years, Seacor told shareholders in the annual proxy filed with the Securities and Exchange Commission.

"Bonus payments are discretionary in nature and are tied to performance during the year in which they were earned," Seacor said.

"The company believes that, to the extent that the bonus awards reward the executives in a fair and equitable way, they may also provide an incentive for their continued efforts and for enhanced future performance."

Houston-based Seacor, which operates a fleet of marine vessels, said revenue rose 17 percent last year over 1999 and net income increased 10 percent.

Earnings before interest, taxes, depreciation and amortization fell two percent but earnings per share on a fully diluted basis increased 14 percent, the company added.

"Mr. Fabrikant played an instrumental role in the strategic direction of each of the company's operating segments and the positioning of the company's assets to take advantage of long-term growth opportunities," Seacor said in the proxy. His 2000 compensation included $1.2 million in restricted stock as well as options for 25,000 shares that could be worth $2.6 million if Seacor's stock price rises 10 percent annually over the life of the options.

The options can be exercised at $52.25 per share and expire on Feb. 14, 2011, according to the proxy.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

Refurbished Seajacks Vessels Leave Shipdock Amsterdam

Seajacks Leviathan and Seajacks Kraken are prepared for their coming assignments, following a series of repair and renewal jobs by Shipdock Amsterdam. The shipyard,

BAE Systems Awarded Two Navy Contract Modifications

The US Department of Defense informs it has awarded separate contracts to BAE Systems in Jacksonville and in Norfolk for ship repairs and modifications as follows: 1.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0902 sec (11 req/sec)