Transocean executives donating safety bonuses to oil spill victims

Alejandro de los Rios Apr. 6, 2011, 3:00am


Just a few days after it was revealed that Transocean executives would receive bonuses for the company's 2010 safety record, the company CEO and four others say they will donate their earnings.

Transocean CEO Steven Newman made the announcement Tuesday. He and the other executives are donating more than $250,000 to a Transocean Fund to help the families of the 11 workers who died on the Deepwater Horizon oil rig when it exploded in April 2010.

Last week, the company said it had its 'best year in safety' in its latest filing with the Securities & Exchange Commission.

Transocean owned the Deepwater Horizon oilrig, which exploded last year and caused the massive oil spill in the Gulf of Mexico.

"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 ("TRIR") and total potential severity rate ("TPSR")," the filing states.

"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 filing said that, despite the company's good safety record, the Gulf oil disaster meant that executives would receive lesser bonuses than usual.

On April 2, the Wall Street Journal reported that Transoccean's rate of incidents per 200,000 employee work hours dropped by 4% from 2009 to 2010.

"A number that measures potential severity of those incidents fell nearly 15% from last year," the report said.

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