Oil rig firm pays bonuses

Transocean, the offshore drilling firm, responsible for running Deepwater Horizon — the oil rig that exploded in the Gulf of Mexico last year — has awarded huge bonuses to its executives.

In April 2010, 11 oil rig workers lost their lives and 17 were injured, in what was the worst environmental disaster in the history of the United States. Transocean, along with Halliburton and BP, were also responsible for the release of millions of barrels of oil into the sea.

However, this massive tragedy did not prevent Transocean executives from picking up their bonuses. Marking “the best year in safety performance in our company’s history”, president and chief executive officer Steven Newman was awarded a bonus under the category of “performance under safety” of around £242,000 (converted from dollars).

Pressure from the media led to Newman deciding to give his bonus away to charity. The loss of this sum is unlikely to make much of a dent in his finances given that his annual salary is about £712,000 and his long-term compensation package is worth around £3.5 million.