HOUSTON — Transocean Ltd. (RIG) Chief Executive Steve Newman received compensation valued at $6.3 million in his first year at the helm of the world’s largest offshore driller, according to a securities filing.
Appointed to the post less than two months before Transocean’s Deepwater Horizon rig exploded in the Gulf of Mexico on April 20, killing 11 and unleashing the worst offshore oil spill in U.S. history, the 46-year-old executive was paid a base salary of $900,000. Stock awards paid to Newman, who joined Transocean in 1994 and most recently served as its president, were valued at $2 million, while options awards were worth about $1.9 million. Bonuses, deferred compensation and pay added up to more than $1.5 million.
Newman’s predecessor, Robert Long, received compensation valued at $15.1 million, most of which was a $13.9 million retirement disbursement.
-By Ryan Dezember, Dow Jones Newswires. Photo courtesy Transocean