Transocean executives to donate safety bonuses

Paula Dittrick
OGJ Senior Staff Writer

HOUSTON, Apr. 6 -- Transocean Ltd.'s senior executives said they voluntary plan to donate their 2010 safety bonuses to the Deepwater Horizon Memorial Fund, which will distribute the money to the families of the 11 people killed in the explosion of the Deepwater Horizon semisubmersible drilling rig.

The announcement followed widespread media reports about a proxy statement in which the drilling contractor reported its “best year in safety performance” during 2010 despite the Deepwater Horizon accident and oil spill in the Gulf of Mexico following the blowout of the deepwater Macondo well off Louisiana. BP PLC operated Macondo.

US Department of Interior Sec. Ken Salazar criticized Transocean for its wording, saying Transocean was “at least at some fault” for the accident.

“In my own view, 2010 was probably the greatest year of pain in terms of oil and gas development in the deep water all across the world, especially in the Gulf of Mexico,” Salazar told Reuters.

Transocean executives received two-thirds of their safety bonus for 2010, which was unlike 2009 when Transocean withheld executive safety bonuses. Transocean reported its rate of incidents per 200,000 hr of work dropped 4% in 2010 compared with 2009. A measurement for the potential severity of those incidents dropped 15%.

Transocean established the Deepwater Horizon Memorial Fund after the Apr. 20, 2010, accident and oil spill. Of the 11 people killed, 9 worked for Transocean.

The nondeductible sum being donated by the senior executive team will exceed $250,000. More than $1.6 million was distributed to families by the Memorial Fund as of Apr. 5, Transocean said.

"The executive team made this decision because we believe it is the right thing to do," Chief Executive Officer Steven Newman said in an Apr. 5 statement. "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. We offer our most sincere apologies, and we regret the impact this matter has had on the entire Transocean family."

Senior executives donating their safety bonuses, in addition to Newman, include Ricardo Rosa, senior vice-president and chief financial officer; Arnaud Bobillier, executive vice-president, asset and performance; Eric Brown, executive vice-president, legal; and Ihab Toma, executive vice-president, global business.

Contact Paula Dittrick at paulad@ogjonline.com.

Related Articles

Tight oil price test

02/02/2015 The basic job for Oil & Gas Journal writers is to pick the right words and put them in the right order, which is often harder to do than it mig...

Union strike under way at US refineries, petchem plants

02/02/2015 The United Steelworkers Union (USW) has instituted a strike at nine US refining and petrochemical production plants following a breakdown in negoti...

SERVICE | SUPPLIERS

02/02/2015

Gazprom Neft receives two Arctic shelf exploration licenses

01/26/2015 Gazpromneft Sakhalin, a subsidiary of JSC Gazprom Neft, has been awarded subsoil-use rights to the Severo-Zapadniy block on the Pechora Sea shelf a...

Estill named chief executive officer of Madagascar Oil

01/23/2015

Madagascar Oil Ltd. has appointed Robert Estill as chief executive officer.

LyondellBasell expands roles of three senior executives

01/20/2015

LyondellBasell has expanded the roles of senior executives Timothy D. Roberts, Patrick D. Quarles, and Kevin W. Brown.

Christmann succeeds Farris as Apache’s president, CEO

01/20/2015 Apache Corp., Houston, has appointed John J. Christmann IV as its president and chief executive officer and named him to the company’s board. He ta...

Shiels appointed chief executive officer of American Energy–Midstream

01/19/2015 American Energy Partners LP (AEP), Oklahoma City, has named David C. Shiels as chief executive officer of affiliate American Energy–Midstream LLC (...

Nebraska Supreme Court vacates lower court's Keystone XL ruling

01/19/2015 Nebraska's Supreme Court vacated a lower court's decision that legislation transferring authority to determine the proposed Keystone XL crude oil p...
White Papers

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected