Two days ago I posted on the fiasco that characterized Transocean’s recent decision to give out bonuses because of their terrific 2010 safety record. This is despite the Deepwater Horizon even that resulted in a loss of 11 lives. Yesterday Transocean announced that
Transocean’s senior management team, led by Chief Executive Officer Steven Newman, announced today that they are voluntarily donating the safety bonuses that were awarded to them for 2010 to the Deepwater Horizon Memorial Fund.
“The executive team made this decision because we believe it is the right thing to do,” Newman said. “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,” Newman said. “We offer our most sincere apologies and we regret the impact this matter has had on the entire Transocean family.”
While I commend them on this decision it doesn’t distract from the original complete grasp of reality.