Transocean executives donate safety bonuses to rig victims' families

Transocean CEO Steven L. Newman and four other executives executives will donate more than $250,000. STORY HIGHLIGHTSTransocean Ltd. senior executives will donate safety bonusesExecutives get pay raises in part for the safety record, earlier SEC filing saysCash awards based in part on company safety recordDespite Gulf explosion oil spill, company called 2010 "best year in safety" (CNN) -- Top executives of the company that owned the Deepwater Horizon oil rig announced Tuesday they will donate their safety bonuses to the families of the 11 workers killed in the April 2010 explosion in the Gulf of Mexico.

The announcement follows criticism of a Transocean Ltd. financial filing that claimed 2010 was its "best year" in safety.

"The executive team made this decision because we believe it is the right thing to do," Chief Executive Officer Steven Newman said in a statement Tuesday. "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," he said. "We offer our most sincere apologies and we regret the impact this matter has had on the entire Transocean family."

The five executives will donate more than $250,000 to the Deepwater Horizon Memorial Fund, which Transocean established. The fund has distributed more than $1.6 million to the 11 families.

The executives were identified as Newman; Ricardo H. Rosa, senior vice president and chief financial officer; Arnaud A.Y. Bobillier, executive vice president, asset and performance; Eric Brown, executive vice president, legal & administration; and Ihab M. Toma, executive vice president, global business.

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