I am not making this up.
Transocean was blamed along with BP and Halliburton after last year’s massive spill in the Gulf of Mexico.
Eleven workers, nine of whom worked for Transocean, died when the Deepwater Horizon exploded almost a year ago.
The Deepwater Horizon exploded on 20 April 2010. In the days and months that followed millions of gallons of oil poured unabated into the Gulf of Mexico, prompting President Barack Obama to call the incident America’s environmental 9/11.
Before the well was capped in July, the spill fouled the coastlines of four states, scared tourists away and closed countless fishing grounds. The true environmental and economic impact may not be known for years.
A presidential commission concluded that the explosion had been caused by cost-cutting and directly blamed Transocean, BP and Halliburton for the disaster.
Despite that, Transocean handed out huge bonuses to its executives citing the company’s best year for safety ever.
According to calculations by The Associated Press, the total value the company assigned to [CEO Steve] Newman’s compensation package was $5.8 million.
That figure includes an $850,000 base salary — a 34 percent increase from the prior year; perquisites of $622,057, which includes housing and vacation allowances, among other things; and the $374,062 bonus. Also included in the figure are stock options valued at $1.9 million and deferred shares valued at $2 million when those awards were granted in March 2010.