Executives of Gulf Spill Company Receive Safety Bonuses

Tuesday, April 05, 2011
Al Jazeera
Submitted by: Kevin J. Ziruolo

Transocean Ltd., the owner of the Deepwater Horizon oil rig that exploded off the Gulf of Mexico last year, gave its top executives fat bonuses for achieving the "best year in safety performance in our company's history'', disregarding the explosion that killed 11 people and the resulting oil spill that caused the worst environmental disaster in U.S. history.

[Al Jazeera] Transocean Ltd. side-noted "the tragic loss of life'' in the Gulf when the rig operated by BP PLC exploded last April. But it said the company still had an "exemplary'' safety record because it met or exceeded certain internal safety targets concerning the frequency and severity of its accidents, according to the filing with the Securities and Exchange Commission on April 1st.

Safety accounts for a quarter of the executives' total cash bonuses. The total bonus for CEO Steve Newman last year was $374,062.

The deaths of 11 employees and spilling 200 million gallons of oil into the ocean is considered an "exemplary" safety record ... How many people die on the job and how many gallons are spilled with Transocean Ltd. in an average year?

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Posted by Editor on 04/05/11 at 07:57 AM • (0) Comments

Tags: ceo, gulf oil spill, deepwater horizon, steve newman, transocean,