Transocean’s senior management team, led by Chief Executive Officer Steven Newman, announced today that they are voluntarily donating the safety bonuses that were awarded to them for 2010 to the Deepwater Horizon Memorial Fund.

“The executive team made this decision because we believe it is the right thing to do,” Newman said. “Nothing is more important to Transocean than our people, and it was never our intent to diminish the effect the Macondo tragedy has had on those who lost loved ones,” Newman said. “We offer our most sincere apologies and we regret the impact this matter has had on the entire Transocean family.”

The senior executives who will be donating their safety bonuses, in addition to Steven Newman, include Ricardo H. Rosa, Senior Vice President and Chief Financial Officer, Arnaud A.Y. Bobillier, Executive Vice President, Asset and Performance, Eric Brown, Executive Vice President, Legal & Administration, and Ihab M. Toma, Executive Vice President, Global Business.

The Deepwater Horizon Memorial Fund was established by Transocean shortly after the tragic Macondo incident for donations by employees and friends to assist the families of the 11 men lost as a result of the incident. All monies from the fund are distributed equally to the families of the 11 men lost in the accident. The non-deductible sum being donated by the senior executive team will exceed $250,000. More than $1.6 million has been distributed by the Memorial Fund to date.

Transocean made headlines this week for stating in an SEC filing that 2010 was its “best year in safety performance” despite the deadly Deepwater Horizon disaster and its executives received two-thirds of their target safety bonus.

Transocean has made no comment on how many of the other executives of the company will also be donating their bonuses or if there are plans to revise how the company’s safety bonuses are calculated to include large incidents with multiple fatalities.

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  • Mike Talbert

    Did I read this wrong or are ONLY 5 executives donating their bonuses? Google finance lists 7 Sr. executives and one of them, Ms. Richard, is eligible for up to 60% of her salary!!

    • Ben

      I work for Transocean and agree with your point but would like to add that Steve Newman should be fired over this! His “Fiscal Year Salary” is calculated by Reuters to be $5,374,690 per year. Recent news said that the victim’s families where each awarded about 8 million dollars… that equals less than 2 years salary for Newman. And that doesn’t even include his stock options!!

  • Anonymous

    It just beggars belief. Who are these clowns who manage to heap one Transocean PR disaster on top of another. How apt that the Fire on the Horizon cover sits so close to these comments. Will any of the top team step down over this – I doubt it.

    • Mike Talbert

      “Who are these clowns who manage to heap one Transocean PR disaster on top of another.” It’s Guy Cantwell and crew!

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