Transocean Cites Safety in Bonuses

[kpete]

Source: Wall Street Journal

By DANIEL GILBERT And TENNILLE TRACY

Transocean Ltd. had its "best year in safety performance" despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world's largest offshore-rig company said in a securities filing Friday.

Accordingly, Transocean's executives received two-thirds of their target safety bonus. Safety accounts for 25% of the equation that determines the yearly cash bonuses, along with financial factors including new rig contracts.

.............

The payout contrasts with that for 2009, when the company withheld all executive bonuses after incurring four fatalities that year "to underscore the company's commitment to safety."

In a filing on executive pay, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record." Based on the total rate of incidents and their severity, "we recorded the best year in safety performance in our company's history."

Read more: http://online.wsj.com/article/SB10001424052748703806304576236661289767034.html?mod=WSJ_business_whatsNews

[TheWraith]

1. So... this WASN'T an April Fools Day article?

If that's their best year for safety, what does their worst one look like?

[ladywnch]

2. "we recorded the best year in safety performance in our company's history."

Thank you, Transocean, for giving us the absolute justification for shutting down your business. If 11 deaths and major environmental devastation constitutes your best safety year on record god help us if you have a 'bad' year. The US will be a dead land mass!

Their own words should insure that they never get another US drilling lease EVER.

[freshwest]

3. A little joke on their part. Safety for their profits, mission accomplished.

[AndyTiedye]

10. I Shudder to Think About What They Would Consider a "Bad" Year

[BlueJazz]

4. Yes siree Bob...this year has been simply wonderful....except...

My wife ran off with my brother to Brazil. My daughter became a crack whore.
My son robbed a bank, got 40 years in prison. The dog bit the neighbor next door, who is suing me
for everything I own...and the Boss just called and said they have to let me go...
...oh...and you know that classic 1955 Thunderbird I own?...seems the kid down the block took it
for a joy ride and didn't see the large tru....

[quakerboy]

5. So... Denial?

Maybe attempting to bolster what I assume is the companies public position that "twarn't our fault"?

Or just that disconnected with reality?

[sarcasmo]

6. I want my life back.

[AndyTiedye]

7. Other Than That How Was the Show, Mrs. Lincoln?

[Travelman]

9. Heh!

Just what I was going to say.

[RedCloud]

8. And they also hired 11 more people than expected!

[Devil_Fish]

11. War is Peace. Freedom is Slavery. NT