Deepwater execs strike oil with safety bonuses

As incongruous as it sounds, executives at Transocean Ltd – the company that owns the Deepwater Horizon oil rig which exploded in the Gulf of Mexico last year killing 11 people – have been paid bonuses for their improved safety performance.

According to a company SEC filing last week, last year was its best-ever for safety, “notwithstanding the tragic loss of life in the Gulf of Mexico”.

Executives receive 25 per cent of their bonuses based on the company’s safety performance in a given year.

Last year, they were given two-thirds of this. In 2009, the company withheld all bonuses after four deaths.

The calculation for overall safety performance is not based on deaths alone, but rather the number of “incidents” and their “potential severity”.

The number of incidents fell 4 per cent in 2010 and their potential severity fell 15 per cent.

Sponsored Content

The Deepwater Horizon rig was leased by BP, which operated the rig. Transocean blames BP for the damage.

The US Government is continuing its investigation into the cause of the explosion.

Leave a Comment

Sort content by

Six ways to satisfaction, SEC told

The Securities and Exchange Commission should reinstate the investor advisory committee it abandoned in 2010 as part of a wider commitment to address near-term financial market reform, a group of institutional investors from across the globe have stated. The investors, who represent combined assets of $1.6 trillion, wrote to SEC chairman Mary Schaprio calling for

Proposed benefit plan to provide marginal savings

A cost-risk analysis of a proposed hybrid defined contribution/defined benefit plan proposed for California shows that it would provide marginal overall cost savings to government, CalPERS analysis has revealed.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Minimising currency exposure

Ron Liesching, chairman of Mountain Pacific Group, an investment firm that contributed to the development of the FTSE Wealth Preservation Unit, examines a new solution to managing currency risk. Global investors struggle with one central issue, currency risk. Now there is a new solution: the FTSE Wealth Preservation Unit (WPU). The WPU is a diversified

Infrastructure comes of age in low returns environment

As cash-strapped governments around the world come under pressure to sell public assets, capital-intensive investors are searching for stable yielding investments, bringing the maturing infrastructure asset class back into the framework. Sam Riley looks at examples from around the world. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

A new card for an old infrastructure hand

      With more than $A5 billion ($5.3 billion) invested in infrastructure through some 120 different types of assets, AustralianSuper is examining whether diversity is all its cracked up to be when it comes to infrastructure investing. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

TRS told innovative partnerships will drive returns

The Texas Teachers Retirement System (TRS) continues to build innovative relationships with its managers, the latest of which has seen it take a $250-million equity stake in asset manager Bridgewater Associates LP.mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3

Previous