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Transocean Executives Get Bonuses, Despite Massive Gulf Spill; Company Lauds ‘Best Year In Safety’

04/04/2011 8:13 am 0 comments

Source: Philip Caufield / New York Daily News

Transocean Ltd, whose massive oil rig explosion last year killed 11 people and dumped millions of gallons of oil into the Gulf of Mexico, showered its executives with fat bonuses for the “best year in safety performance in our company’s history.”

In a filing with the Securities Exchange Commission on Friday, the company said its top brass received about two thirds of their total possible safety bonus.

The filing acknowledged the “tragic loss of life” related to the disaster last April, when the offshore drilling rig the Deepwater Horizon exploded and sunk into the Gulf after a blowout, causing the largest oil spill in U.S. history.

Nevertheless, the execs were rewarded because there had been a drop in the number and severity of incidents and the execs had “significantly improved the company’s safety record,” the company said.

To read this article in its entirety visit the New York Daily News.

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