Offshore engineering services company Oceaneering has said its board has approved voluntary base salary reductions of the executive management team and other members of senior management, effective as of May 1, 2020.
Oceaneering explained the move was consistent with its commitment to cost reductions during the ongoing public health and energy market crises.
Chief Executive Roderick A. Larson's base salary will be reduced by 15%. Base salaries for executive level management, including the Executive Leadership Team and Senior Vice Presidents, will be reduced by 10%, and base salaries for other senior leadership will be reduced by 7.5%.
In addition to approving the executive management and senior management salary reductions, Oceaneering's board of directors also approved 20% reductions in the remaining 2020 base cash retainer payments for each of the board members.
Chief Executive Officer, Roderick Larson, stated, "I want to thank our senior leadership and board of directors for agreeing to these pay reductions. I also look forward to providing more specifics around the strategies we are implementing to reduce costs, increase operational efficiencies, and lower our capital spending on our May 14 conference call regarding first quarter 2020 financial results."