Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
Company rewards executives despite Gulf oil spill

by Staff Writers
Washington (AFP) April 2, 2011
Transocean Ltd. has given its executives pay raises, bonuses and stock options after the company's "best year" for safety, despite a deadly oil platform explosion and massive leak in the Gulf of Mexico.

"Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate," Transocean said in a filing Friday to the US Securities and Exchange Commission (SEC).

"As measured by these standards, we recorded the best year in safety performance in our company's history, which is a reflection on our commitment to achieving an incident-free environment, all the time, everywhere."

Nine of the 11 people killed in the April 20, 2010, explosion on the BP-leased Deepwater Horizon platform were Transocean employees. Seventeen other people were wounded.

After the explosion, more than 205 million gallons of oil gushed into the Gulf of Mexico, fouling US shorelines, scaring off tourists and closing rich shrimp and fishing grounds.

Transocean, the world's largest offshore oil and gas drilling contractor, filed its annual report to the SEC and invited shareholders to its annual general meeting May 13 in Switzerland, where the company is based.

"Although in 2010 we made significant progress in achieving our strategic and operational objectives for the year, these developments were overshadowed by the April 20, 2010 fire and explosion," the company said.

The firm decided to reward its executives, according to a compensation policy "based on their ability to achieve annual operational objectives that further our long-term business objectives and to create sustainable long-term shareholder value in a cost-effective manner."

Top executives received a base salary increase averaging 3.8 percent, excluding the chief executive officer, "whose base salary reflected his promotion into the CEO role."

They received performance bonuses of 44.8 percent of the maximum stipulated in their contract.

In addition, they were given stock options "ranging from $1.2 million to $5.4 million designed to satisfy competitive market concerns and reward individual performance during fiscal 2010," the company's report stated.

Transocean claims that BP is solely responsible for the explosion and oil spill, but BP sees the responsibilities as shared.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
Taiwan protests new Japan claim to disputed isles
Taipei (AFP) April 1, 2011
Taiwan on Friday protested to Japan for making a fresh claim to sovereignty over a disputed island chain in the East China Sea and warned such a move would hurt ties. "The government protests against the Japanese side for making unilateral and false claims to the Diaoyu islands in a new version of textbooks" released earlier this week, the foreign ministry said. "The Diaoyu islands are p ... read more







ENERGY TECH
New Zealand to slash emissions by half

Developing Commercial Hydrokinetic Energy Projects

US energy future hazy on Japan, environment fears

Report: China leads in low-carbon energy

ENERGY TECH
Paraguay, Uruguay pitch for oil bonanza

Taiwan protests new Japan claim to disputed isles

Germany under fire for Iranian oil deal

Fast-Recharge, Lithium-Ion Battery Could Be Perfect For Electric Cars

ENERGY TECH
Alstom Announces Commercial Operation Of First North American Wind Farms

Vestas unveils new offshore turbine

US hopes to resolve China wind turbine rift

Nordex USA Enters First 300MW Joint Venture

ENERGY TECH
Carmanah EG340 Solar Lights Illuminate Latin America Roadway Network

Spire's Spi-Sun Solar Simulator To Go To The European Joint Research Center At ISPRA

Better Performance And Flexibility For Solar Thermal Power Plants

Helix Water District Unveils New Clean Energy Source

ENERGY TECH
Britain, France talk about nuke projects

Japan, Germany to cooperate on nuclear safety

US nuke reprocessing would benefit French firm: study

Nuclear industry has 'safe' record: GE boss

ENERGY TECH
Camelina-Based Biofuel Breaks Sound Barrier

Energy Policy Must Help US Companies Commercialize Innovative Biofuel Technologies

Blocking Carbon Dioxide Fixation In Bacteria Increases Biofuel Production

Boeing Issues First Latin American Study On Jatropha Sustainability

ENERGY TECH
What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

China Expects To Launch Fifth Lunar Probe Chang'e-5 In 2017

ENERGY TECH
Climate Talks: Storm Clouds Ahead

Cutting Carbon Dioxide Helps Prevent Drying

UC Research Explores Why Ancient Civilization Was Living On The Edge

Brazil needs to push to unblock climate talks: Clinton


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement