Seacor's Fabrikant Earns 140% Bonus Boost

Tuesday, April 10, 2001
Seacor Smit Inc. raised its CEO's bonus 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. - (Reuters)

People & Company News

MN100: McDonough Marine Service

The Company: Bernard P. McDonough created the company in 1945 by leasing barges from his construction company into the marketplace. Through a series of new and used barge additions,

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1012 sec (10 req/sec)