The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Monday, April 4, 2011

Transocean the best year ever! Notwithstanding the tragic loss of life...

Joe:  we live in a nation of blatant liars, in this case government and corporation. The interior secretary “blasts” Transocean  for the Deepwater Horizon Rig explosion that killed 20 people for now claiming the completion of "the best year in safety performance in our company's history." Okay by me for Salazar to blast them but what of the government’s role? If Transocean is guilty, if they have the worst year ever, what about the Interior Secretary job, hasn't this department had an equally bad year of properly regulating safety in that industry? Always, always, blame somebody else. It wouldn’t surprise me if Salazar ends up working for Transocean. What is wrong with our country now is that it is too easy and lucrative for everyone to lie and get away with it, both private industry and government. –Bob

Interior Secretary Ken Salazar criticized Transocean, the operator of the Deepwater Horizon rig that exploded April 20 and killed 11 workers, for issuing bonuses to its executives and declaring last year to be "the best year in safety performance in our company's history."

“At the end of the day, it was that complacency that created an oil spill that was pouring over 50 million barrels of oil a day into the Gulf of Mexico,” Salazar said on a conference call.

He said Transocean was “at least at some fault" regarding the rupturing of BP's Macondo well, which dumped 4.9 million barrels of oil into the Gulf.

“2010 was probably the greatest year of pain” for the oil and gas industry, Salazar said.

Bill Reilly, who co-led President Barack Obama's commission investigating the Gulf spill, also blasted the company. “I think Transocean just doesn’t get it,” he said.

Reilly added, "It’s embarrassing to see a position taken like that by an industry leader.”

The Transocean bonuses were detailed in an April 1 filing to the Securities and Exchange Commission.

"Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record,” the filing said.

At a BOEMRE hearing in New Orleans on Monday, Transocean executive vice president Ihab Toma said the wording "may have been insensitive."

"We acknowledge that some of the wording in our 2010 proxy statement may have been insensitive in light of the incident that claimed the lives of eleven exceptional men last year and deeply regret any pain that it may have caused," Toma said. "Nothing in the proxy was intended to minimize this tragedy or diminish the impact it has had on those who lost loved ones. Everyone at Transocean continues to mourn the loss of these friends and colleagues."

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