2.3.3Other Remuneration Information
This section provides further information to increase transparency and accountability for the execution of RP 2022 and aims to allow shareholders, potential investors and other stakeholders to better assess Management Board remuneration.
The following table includes further details regarding the various (historical) share plans, including the changes throughout 2025.
Conditions of and information regarding share plans
The main conditions of share award plans | Information regarding the reported financial year | |||||
|---|---|---|---|---|---|---|
Opening balance1 | During the year | Closing balance2 | ||||
Plan specification | Grant and vesting dates | End of retention period | Shares held at the beginning of the year | Shares granted (# / EUR x 1,000)3 | Shares vested (# / EUR x 1,000)4 | Shares subject to a retention period |
Øivind Tangen, | ||||||
Ownership | 01-01-2022 | 01-01-2025 | 1,572 | 0 / 0 | 0 / 0 | |
Value Creation | 06-04-2022 | 06-04-2027 | 32,073 | 0 / 0 | 0 / 0 | 32,073 |
Value Creation | 01-01-2023 | 01-01-2028 | 43,312 | 0 / 0 | 0 / 0 | 43,312 |
Value Creation | 01-01-2024 | 01-01-2029 | 45,628 | 0 / 0 | 0 / 0 | 45,628 |
Additional Value | 12-04-2024 | 12-04-2029 | 16,502 | 0 / 0 | 0 / 0 | 16,502 |
Value Creation | 01-01-2025 | 01-01-2030 | 96,437 / 1,658 | 96,437 / 1,658 | 67,269 | |
Douglas Wood, | ||||||
Value Creation | 01-01-2020 | 01-01-2025 | 35,554 | 0 / 0 | 0 / 0 | |
Value Creation | 01-01-2021 | 01-01-2026 | 34,212 | 0 / 0 | 0 / 0 | 34,212 |
Value Creation | 01-01-2022 | 01-01-2027 | 34,389 | 0 / 0 | 0 / 0 | 34,389 |
Additional Value Creation Stake | 06-04-2022 | 06-04-2027 | 1,304 | 0 / 0 | 0 / 0 | 1,304 |
Value Creation | 01-01-2023 | 01-01-2028 | 36,177 | 0 / 0 | 0 / 0 | 36,177 |
Value Creation | 01-01-2024 | 01-01-2029 | 38,129 | 0 / 0 | 0 / 0 | 38,129 |
Additional Value Creation Stake | 12-04-2024 | 12-04-2029 | 2,859 | 0 / 0 | 0 / 0 | 2,859 |
Value Creation | 01-01-2025 | 01-01-2030 | 74,661 / 1,283 | 74,661 / 1,283 | 41,421 | |
- 1 Opening balance consists of shares held and vested grants for conditional plans at assumed maximum target.
- 2 Closing balance consists of the full grant and vesting of the relevant plan, including any sell-to-cover performed to compensate a wage tax impact.
- 3 Converted at the share price at the date of grant.
- 4 Converted at the share price at the date of vesting.
- 5 Pro-rata VCS following appointment to Management Board per April 6, 2022.
- 6 Additional Value Creation Stake granted due to salary increase.
In the table below, information on the annual change of remuneration of each individual Management Board member is set out over the five most recent financial years. In addition, the performance of the Company (measured in Directional Underlying EBITDA and TRIFR) is displayed as well as the average remuneration on a full-time equivalent basis of employees of the Company.
Comparative table on the change of remuneration and Company performance over the last five reported financial years
in thousands of EUR, except Company's performance | |||||
|---|---|---|---|---|---|
Annual Change1 | 2021 | 2022 | 2023 | 2024 | 2025 |
Øivind Tangen, CEO2 | - | 1,975 | 10% / 2,175 | 40% / 3,039 | 29%/3,914 |
Douglas Wood, CFO | 2,182 | (15%) / 1,906 | 14% / 2,167 | 5% / 2,273 | 26%/2,694 |
Company's performance | |||||
Underlying Directional EBITDA | 931 | 8% / 1,010 | 6% / 1,0753 | 20% / 1,2944 | 30% /1,6815 |
TRIFR6 | 0.06 | 50% / 0.12 | (50%) / 0.08 | 25% / 0.10 | 620%/0.72 |
Average employee expenses on a full-time equivalent basis | |||||
Average employee expenses of the Company7 | 102 | 8% / 111 | 2% / 113 | 8% / 122 | (4%) /117 |
- 1 Annual change in percentage is calculated comparative to the amount of the current year.
- 2 CEO and Management Board member from April 12, 2024, before that date COO and Management Board member from April 6, 2022.
- 3 Underlying EBITDA reflects the following adjustments: i. impact of the sale of Liza Destiny earlier than planned; ii. implementation costs of an optimization plan related to the Company's support functions; and iii. impact of the delay in commencement of a charter by a client notwithstanding the on-target delivery of the vessel by the Company.
- 4 Underlying EBITDA restated for: DNY/PTY sale in 2024.
- 5 Underlying EBITDA reflects the following adjustment: Thunderhawk profit on sale of USD 28mln removed from the reported Directional EBITDA.
- 6 Total recordable injury frequency rate trends are positive when downwards.
- 7 The average employee expenses of the company are based on the IFRS expenses including share based payments. The average employee expenses are influenced by both the composition of the population both in function as well as geographical location and the related foreign currency impacts. This calculation has a different basis than the pay-ratio calculation in accordance with the Dutch corporate governance code.