You are hereRAW Story: Transocean hails ‘best year’ in safety, gives execs bonuses, despite Gulf spill

RAW Story: Transocean hails ‘best year’ in safety, gives execs bonuses, despite Gulf spill


April 2, 2011- The company that owns the now-infamous Deepwater Horizon, the oil rig that caused immeasurable damage to the Gulf, recently applauded itself for the "best year in safety performance in our Company's history." The company, Transocean Ltd., rewarded its executives millions in bonuses for the achievement, according to the annual report it released yesterday.

Steven L. Newman, Transocean's president and CEO, awarded himself $4.3 million in cash bonuses, stocks and options.

Eleven people died as a direct result of the disaster in the Gulf, nine of them Transocean employees, according to Forbes.

"Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate. As measured by these standards, we recorded the best year in safety performance in our Company’s history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere," the company wrote in their annual statement to shareholders.

Transocean leased the Deepwater Horizon to BP, so it contends it has no liability for the spill and explosion.

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