Top Transocean exec’s to donate ‘safety bonuses’

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April 6, 2011

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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