Posts Tagged ‘Transocean’

Federal Investigation: BP shortcuts led to Deepwater Horizon disaster

Image: From The Day After Tomorrow by J Henry Fair, published by powerHouse Books

The U.S. government has released itsĀ report of the federal investigation of the Macondo well blowout. Although the investigators hold BP, the well’s owner, responsible for the accident, Transocean and Halliburton share the blame for many of the mistakes that led to the largest oil spill in U.S. history.

Both Transocean and Halliburton are active in Ghana. Transocean got a bit of (bad) publicity in June when its Marianas rig, operating in Ghana, had to be evacuated after it began taking on water.

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A great day for oil!

Deepwater Horizon site, two months after the explosion in 2010. Photo: Associated Press

Transocean, remember them?

Transocean Ltd. had its “best year in safety performance” despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world’s largest offshore-rig company said in a securities filing Friday.

Accordingly, Transocean’s executives received two-thirds of their target safety bonus. Safety accounts for 25% of the equation that determines the yearly cash bonuses, along with financial factors including new rig contracts

The payout contrasts with that for 2009, when the company withheld all executive bonuses after incurring four fatalities that year “to underscore the company’s commitment to safety.”

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