Transocean Execs Land Fat Safety Bonuses

Company had 'best year in safety performance'
By Polly Davis Doig,  Newser Staff
Posted Apr 3, 2011 7:26 AM CDT
In this Wednesday, April 21, 2010 photo, a fire aboard the mobile offshore drilling unit Deepwater Horizon burns 52-miles southeast of Venice, La.   (AP Photo/U.S. Coast Guard, Petty Officer 2nd Class Scott Lloyd)
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(Newser) – That minor explosion that killed 11 people and dumped 200 million gallons of oil into the Gulf of Mexico aside, it seems Transocean had a banner year in terms of safety. And to celebrate the "best year in safety performance in our company's history"—despite noting the "tragic loss of life" of nine of its own employees—Transocean is sliding its top executives two-thirds of their safety bonus, reports the AP. The safety bonus accounts for a quarter of executives' total possible bonus; the total bonus for CEO Steve Newman last year was $374,062.

In an SEC filing Friday, Transocean said its safety record was "exemplary," citing internal safety goals that it had met or exceeded, and lauding execs for "significantly improving the company's safety record." The gains "enabled the company to maintain its financial flexibility during a challenging period, while, at the same time, positioning the company for sustained growth in the future," according to the filing.

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