Monday, April 04, 2011

Bonuses at Transocean

Transocean is the owner of the Deep Horizon oil rig. 13 workers on the Deep Horizon rig were killed. Millions of barrels of oil were killed. Wild life died because of the environmental damage. Coastal tourism declined because of tourists staying away from Florida. Which means it is time for Transocean to award its top five executives with safety bonuses.

A table in the SEC filing shows bonuses awarded to Steven Newman, Ricardo Rosa, Eric Brown,Arnaud A.Y. Bobillier, Ihab M. Toma and Cheryl Richard. Transocean tells the SEC if you forget that pesky Deep Horizon explosion, it was a great year for safety.

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"). 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 executives are also getting a raise for a job well done. One can not live on corporate bonus money alone.

Mr. Newman - $900,000

Mr. Rosa(1) - $450,000

Mr. Brown - $468,000

Mr. Bobillier(1) - $392,000

Ms. Richard - $355,000

This brings failing upwardly to a new level.

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