Business Irish

Friday 25 May 2018

Brown paid €360,000 bonus for Valerus deal

Christian Brown
Christian Brown
Nick Webb

Nick Webb

Clonmel oil services group Kentz paid chief executive Christian Brown a special one-off bonus payment of €360,000 for inking a €315m deal to buy rival group Valerus.

The Valerus deal transforms the shape of Kentz, giving it access to the lucrative US shale oil market. The AIM-listed oil services and engineering group is now capitalised at a lot more than €1bn.

Brown was paid €2.58m last year – down slightly on 2012. His remuneration included a basic salary of €563,000, with the rest made up of pension, benefits, €1.41m bonus and long-term incentive plan package.

Kentz fought off not one but two aggressive takeover approaches last year when it was stalked by Austrian group M&W and giant US firm Amec.

Shares have risen sharply over the past year on the back of an impressive pipeline of new contract wins and the impact of the Valerus buyout.

Sunday Indo Business

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