Gulf rig owner had safety concerns

[ZeitgeistObserver]

Transocean Ltd. (RIG-N72.74-0.17-0.23%), which owned the drilling rig that exploded in the Gulf of Mexico, eliminated bonuses for top executives last year over concerns about safety problems at the company.

The company said in a regulatory filing on April 1 that it eliminated the bonuses “to underscore the company's commitment to safety” after four workers died in accidents in 2009 “and to increase the incentive for executive officers to promote ... the avoidance of future fatal accidents.”

Less than three weeks later, the company's Deepwater Horizon rig, which it leased to BP PLC (BP-N51.201.012.01%), blew up and sank. Eleven workers were killed and the accident spawned a huge oil spill that is now endangering wildlife and businesses along the Gulf's coastline.

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

Separately, some survivors claimed in a lawsuit Tuesday that they were stranded in life rafts for more than 10 hours after the explosion, watching the rig burn and knowing that other men were missing.

http://www.theglobeandmail.com/report-on-business/gulf-rig-owner-had-safety-concerns/article1556632/

[Dead_Parrot]

1. "eliminated bonuses for top executives"

Shit, that's worth an OP on it's own!

:wow:

[ZeitgeistObserver]

2. I thought you'd like that.

:)

Didn't seem to help though.

[Dead_Parrot]

3. To be fair, there was probably more than a year's work

But the mere thought of stripping bonuses for safety is a stunner.