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Spilling Integrity

Statistically speaking, Transocean Ltd. just came off a very safe year. In a recent proxy statement, Transocean announced that 2010 was “the best year in safety performance in our company’s history.”

That’s great news for a company whose vision lists the following goal: “Our operations will be conducted in an incident-free workplace, all the time, everywhere.”

Things were so safe, in fact, that the top five executives of the world’s largest offshore drilling contractor rewarded themselves with safety bonuses of $250,000 each.

You might recall that Transocean owned the Deepwater Horizon drilling rig that exploded in the Gulf of Mexico a year ago, killing eleven workers and triggering the worst offshore oil spill in U.S. history. Did the executives forget about that incident?

“Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record,” the company said in its proxy.

Public outrage over the statements prompted the executives to agree to donate their safety bonuses to charity.

Transocean’s leadership team has another major spill on its hands: leaking integrity.
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