Executives at the offshore drilling contractor at the center of last year’s Gulf of Mexico oil spill are donating bonuses they got for the company’s safety record last year.
The decision came several days after Transocean Ltd. disclosed the bonuses deep in a regulatory filing, triggering intense criticism.
Transocean justified the bonuses by calling 2010 an “exemplary” year for safety — despite the explosion on its rig that killed 11 people and spilled 200 million gallons of oil.
The company said that CEO Steven Newman and four other executives are now donating bonuses worth more than $250,000 to a fund set up by Transocean for the victims’ families.
Newman says it was never the executives’ intent to diminish the effect the disaster has had on those who lost loved ones.
Was this article valuable?
Here are more articles you may enjoy.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Business Interruption Claims Arising From the Middle East Conflict 
AI for the Defense: Should Insurers or Law Firms Pay? 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
