03 Apr '11, 1am

Company rewards executives despite Gulf oil spill: WASHINGTON - TRANSOCEAN Ltd has given its executives pay rais...

WASHINGTON - 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 on 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 w...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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