Owner of sunken oil platform had safety concerns

Source: Associated Press

DALLAS -- Transocean Ltd., which owns the drilling rig where 11 workers died in an explosion in the Gulf of Mexico, eliminated bonuses for top executives last year after the deaths of four other workers.

The company said it eliminated the bonuses "to underscore the company's commitment to safety and to increase the incentive for executive officers to promote ... the avoidance of future fatal accidents."

Transocean's chairman and CEO told shareholders in a letter in March of a "thorough review" of safety practices taking place across the company.

The Swiss company disclosed the decision not to pay bonuses in a regulatory filing on April 1. Less than three weeks later, the company's Deepwater Horizon rig blew up and sank, spawning a huge oil spill that is now endangering wildlife and businesses along the Gulf's coastline. BP PLC leased the rig from Transocean.

Transocean spokesman Guy Cantwell said Tuesday that management recommended that the board not pay bonuses last year.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/05/04/AR2010050402995.html

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At least they eliminated the bonuses instead of just handing them out anyway.

Really, an exclusive operating subsidiary of BP that was set up to limit liability exposure. Be interesting to see how they came about..

After a series of mergers and acquisitions of smaller companies, it was not too long ago part of Schlumberger, a French company. It was spun-off of Schlumberger 3 or 4 years ago.

receiving full salary a "punishment" (that's what you get when the bonus is eliminated):wtf:

I find that interesting considering they had an award ceremony planned for rig personal {the low men on the totem pole}...seem it was the ones on top not doing their jobs and if this is true...it is the middle man who can be suspected of not staying on top of things...those above them, well, its no surprise that they do not do what they are paid to, what is suprising is that the ceo realized that, wow...impressed with this guy..

> The Swiss company disclosed the decision not to pay bonuses in a regulatory
> filing on April 1. Less than three weeks later, the company's Deepwater Horizon
> rig blew up and sank, spawning a huge oil spill that is now endangering wildlife
> and businesses along the Gulf's coastline.

Unfortunate timing.

(ETA: I read it too quickly ... it was only the *disclosure* that happened
on April 1, the decision not to pay was taken last year.)