Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Gulf rig owner had safety concerns

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
ZeitgeistObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-04-10 06:00 PM
Original message
Gulf rig owner had safety concerns
Transocean Ltd. (RIG-N72.74-0.17-0.23%), which owned the drilling rig that exploded in the Gulf of Mexico, eliminated bonuses for top executives last year over concerns about safety problems at the company.

The company said in a regulatory filing on April 1 that it eliminated the bonuses to underscore the company's commitment to safety after four workers died in accidents in 2009 and to increase the incentive for executive officers to promote ... the avoidance of future fatal accidents.

Less than three weeks later, the company's Deepwater Horizon rig, which it leased to BP PLC (BP-N51.201.012.01%), blew up and sank. Eleven workers were killed and the accident spawned a huge oil spill that is now endangering wildlife and businesses along the Gulf's coastline.

Transocean's chairman and CEO told shareholders in a letter in March of a thorough review of safety practices taking place across the company.

Separately, some survivors claimed in a lawsuit Tuesday that they were stranded in life rafts for more than 10 hours after the explosion, watching the rig burn and knowing that other men were missing.

http://www.theglobeandmail.com/report-on-business/gulf-...
Printer Friendly | Permalink |  | Top
Dead_Parrot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-04-10 06:07 PM
Response to Original message
1. "eliminated bonuses for top executives"
Shit, that's worth an OP on it's own!

:wow:
Printer Friendly | Permalink |  | Top
 
ZeitgeistObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-04-10 06:08 PM
Response to Reply #1
2. I thought you'd like that.
:)

Didn't seem to help though.
Printer Friendly | Permalink |  | Top
 
Dead_Parrot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-04-10 06:31 PM
Response to Reply #2
3. To be fair, there was probably more than a year's work
But the mere thought of stripping bonuses for safety is a stunner.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 02nd 2014, 01:59 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC