Zero2Cool
14 years ago

Gulf oil rig owner apologizes for calling 2010 'best year' ever 

The owner of the Gulf of Mexico oil rig that exploded last year, killing 11 workers and leading to what has been called the worst oil spill ever, said Monday that calling 2010 its "best year" in safety "may have been insensitive."

Transocean Ltd., in a recent filing with the U.S. Securities and Exchange Commission, said hefty bonuses and raises to top executives were based [img_r]http://i.cdn.turner.com/cnn/2011/US/04/04/gulf.spill.bonuses/story.newman.transocean.gi.jpg[/img_r]in part on the company's "performance under safety" last year.

"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 we deeply regret any pain that it may have caused," Transocean said in a statement to CNN. "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."

The statement did not address the controversy over the decision to give out cash awards despite the oil spill disaster.

That includes a $200,000 salary increase for Transocean President and Chief Executive Officer Steven L. Newman, whose base salary will increase from $900,000 to $1.1 million, the SEC report said. Newman's bonus was $374,062, according to the report, which Transocean filed Friday.

Newman also has a $5.4 million long-term compensation package the company awarded him upon his appointment as CEO in March 2010, according to the SEC filing.

"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," the SEC statement reads. "As measured by these standards, we recorded the best year in safety performance in our company's history."

The company called that record "a reflection on our commitment to achieving an incident-free environment, all the time, everywhere," the SEC filing said.

The April 20, 2010, explosion on the Deepwater Horizon rig injured 17 workers and killed 11 others, including nine Transocean employees, according to the SEC filing. It has been called the worst spill in U.S. history. The well was capped three months later, but not before millions of barrels of oil spilled into the Gulf.

In January, President Barack Obama's National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling released a report that spread blame for the accident among Transocean, BP -- which leased the rig -- and Halliburton, which installed the rig's cement casing.

The commission said problems with deepwater drilling are "systemic" and that only "significant reform" will prevent another disaster.

Another report released March 23 determined that the oil spill was caused by a piece of drill pipe trapped in the rig platform's blowout preventer, a device intended to stop oil from flowing into the Gulf. The report was commissioned by various U.S. agencies, including the Interior Department and the Department of Homeland Security.

The Interior Department has said a much broader report that relies on additional sources of data, including eyewitness accounts and photos, will be released this summer.

The oil spill has prompted a flood of lawsuits against BP, Transocean and Halliburton from a variety of plaintiffs, including owners of Gulf businesses who say they suffered heavy financial losses because of the spill.

The plaintiffs also include Transocean shareholders who contend the company falsely claimed it had remedied past safety problems with its blowout preventers before the Gulf spill.



Oh yeah, the fella pictures ... "The SEC report revealed a $200,000 salary increase for Transocean President and CEO Steven L. Newman."


I really fail to grasp why gas prices need to be so high while these oil exec's continue to get massive raises and record profit.
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DakotaT
14 years ago
Zero, we need to get our gasoline more in line with the rest of the world and continue to import oil so we can keep shooting Arabs and using the incredible offensive defense aresenal we keep overspending on. We build planes that we don't ever plan on using.

What we should do is drill our own oil here on our continent and in the meantime, our boys in Washington should pass some fricken green technology bills mandating that in 30 years everything is converted over.

This will never happen because there is too much power and money in the oil business. They own the politicians and everthing else.
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Porforis
14 years ago
Gasoline prices aren't high. CEOs get paid millions because the number of people that can do the job they do are about the same as the number of veterans that can compete and win in the NFL. You know, other people that get millions. Not to say that they can't do their jobs better or more ethically, but I really hate hearing people complain about CEOs getting anywhere from $200,000 to millions. They're worth as much as they are valuable to the company.
Zero2Cool
14 years ago

Gasoline prices aren't high. CEOs get paid millions because the number of people that can do the job they do are about the same as the number of veterans that can compete and win in the NFL. You know, other people that get millions. Not to say that they can't do their jobs better or more ethically, but I really hate hearing people complain about CEOs getting anywhere from $200,000 to millions. They're worth as much as they are valuable to the company.

"Porforis" wrote:



I really hate hearing others pretend they know something about a subject they are obviously ignorant on. Still happens though. :)


$3.49 per gallon of gasoline, is high. That's without throwing in the value of a dollar compared to what it was say 10 years ago.
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DakotaT
14 years ago

Gasoline prices aren't high. CEOs get paid millions because the number of people that can do the job they do are about the same as the number of veterans that can compete and win in the NFL. You know, other people that get millions. Not to say that they can't do their jobs better or more ethically, but I really hate hearing people complain about CEOs getting anywhere from $200,000 to millions. They're worth as much as they are valuable to the company.

"Porforis" wrote:



Many people have MBA's and are qualified to become CEO's. Those jobs are as much about entitlements, nepotism and ass kissing as anything else. But go ahead and consider them "special". I would venture to say that the tax attorney(s) that weasil the oil company(s) out of paying corporate taxes are more valuable than the CEO is.
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Nonstopdrivel
14 years ago
I see your $3.49 a gallon and raise you 1.55 per liter, or 6.55 per gallon, which is the current price for regular-grade unleaded gasoline in Oldenburg, Germany. That equates to $9.32 per gallon at current exchange rates.

Now that, my friend, is expensive.
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DakotaT
14 years ago

I see your $3.49 a gallon and raise you 1.55 per liter, or 6.55 per gallon, which is the current price for regular-grade unleaded gasoline in Oldenburg, Germany. That equates to $9.32 per gallon at current exchange rates.

Now that, my friend, is expensive.

"Nonstopdrivel" wrote:



Yeah, but they have all those high speed trains in Euroville. How are those chics with hairy pits Non?
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Porforis
14 years ago

Gasoline prices aren't high. CEOs get paid millions because the number of people that can do the job they do are about the same as the number of veterans that can compete and win in the NFL. You know, other people that get millions. Not to say that they can't do their jobs better or more ethically, but I really hate hearing people complain about CEOs getting anywhere from $200,000 to millions. They're worth as much as they are valuable to the company.

"Zero2Cool" wrote:



I really hate hearing others pretend they know something about a subject they are obviously ignorant on. Still happens though. :)


$3.49 per gallon of gasoline, is high. That's without throwing in the value of a dollar compared to what it was say 10 years ago.

"Porforis" wrote:



My point is that from a global perspective, gasoline prices in the U.S. are cheap. If you go with your argument, average prices in May 1991 were $1.15. Taking into account inflation , that's $1.87. This was shortly after the conclusion of Desert Storm I. Also keep in mind that oil prices dropped 33% when President Bush tapped the strategic Petroleum Reserves  during the Gulf War in 1991.

So while the cost of gas relative to the value of the dollar has risen dramatically, hopefully the above facts will clarify just how much it has increased.

Consider the world's recent events.

1. Hurricaine Katrina and damage to offshore oil rigs
2. BP Debacle and related shutdown of offshore oil production by the US
3. U.S. involved with wars in Iraq and Afghanistan, participating in airstrikes over Libya
4. Unrest in Egypt, Algeria, Saudi Arabia, Iran, the UAE, Syria, as well as several other middle eastern/northern African nations, many of which are large oil producers and/or exporters

This obviously has a very negative impact on gas prices as well.

Finally, global gas prices . Obviously taxes and different attitudes towards vehicle usage have a lot to do with the higher prices elsewhere, but in the grand scheme of things we're not getting shafted nearly as much as you seem to let on.
Nonstopdrivel
14 years ago
I have yet to see a set of hairy pits in Germany, although I've seen quite a few on the campus of my university in Wisconsin. Admittedly, however, women in Germany don't tend to shave their pubes.
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Porforis
14 years ago

Gasoline prices aren't high. CEOs get paid millions because the number of people that can do the job they do are about the same as the number of veterans that can compete and win in the NFL. You know, other people that get millions. Not to say that they can't do their jobs better or more ethically, but I really hate hearing people complain about CEOs getting anywhere from $200,000 to millions. They're worth as much as they are valuable to the company.

"DakotaT" wrote:



Many people have MBA's and are qualified to become CEO's. Those jobs are as much about entitlements, nepotism and ass kissing as anything else. But go ahead and consider them "special". I would venture to say that the tax attorney(s) that weasil the oil company(s) out of paying corporate taxes are more valuable than the CEO is.

"Porforis" wrote:



To expand upon my earlier comparison, there's plenty of unproven rookies that have shown skill and poise playing college football that get paid insane amounts, and people constantly complain about it. A lot of them are successful, but a lot of them flop.

The point is, there's no substitute for experience and a proven track record. I find the assertion that any old person with an MBA is qualified to run a fortune 500 company absolutely ludicrous. When you're responsible for the livelihood of thousands of employees, not to mention broad impact on the national as well as global economy, there's a bit higher level of standards involved. I'm not saying every CEO should get paid millions (most don't), but Transocean is the world's largest offshore drilling company with ~18,000 employees.

How much is a CEO of a company with 20,000 employees worth in your opinion? How about 2,000? 200? At what point do you stop accepting people with MBAs and no real world experience outside of internships as your CEO?
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dfosterf (11h) : Resulting in an actual drop of net revenue of 12.5%. She is from Minnesota. Just sayin'
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Mucky Tundra (12h) : In your face, HBO!
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Mucky Tundra (12h) : *years
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dfosterf (12h) : *cafeteria* I have hit my head also, so I sympathize
dfosterf (12h) : Possibly hit his head leaning into the glass protecting the food in the cafateria
dfosterf (12h) : Maybe a low flying drone
dfosterf (12h) : Did Savion Williams run into a goalpost or something?
Mucky Tundra (12h) : also, no bueno when a guy starts getting concussions right off the bat in his career
Zero2Cool (13h) : Concussion is worse. Banks probably vet off day via back booboo claim
Mucky Tundra (15h) : @AndyHermanNFL Jordy Nelson out at camp today. No word if he’s in play for one of the two open roster spots ; )
dfosterf (15h) : Is that better or worse than Banks bad back?
Zero2Cool (16h) : Savion concussion ... not good.
packerfanoutwest (24-Jul) : Aaron Rodgers’s first pass of first team period was picked off
Mucky Tundra (24-Jul) : tbh I didn't hear of his passing
Zero2Cool (24-Jul) : Cosby Show. Malcom Jamal Warner I think is real name
Mucky Tundra (24-Jul) : I was thinking of Ozzy and Hulk
Mucky Tundra (24-Jul) : Who's Theo?
Zero2Cool (24-Jul) : How is Theo alliteration?
Mucky Tundra (24-Jul) : Bad week for people whose names are alliterations
Zero2Cool (24-Jul) : Hulk Hogan gone too.
Zero2Cool (24-Jul) : Oh, it's toe injury
Zero2Cool (24-Jul) : Hope it's not serious. that would stink
dfosterf (24-Jul) : Sounds like an ankle not a knee for Fields
dfosterf (24-Jul) : Ya Flaccp on Browns
Zero2Cool (24-Jul) : Maybe Tyrod Taylor instead
Zero2Cool (24-Jul) : He's on Browns, right?
dfosterf (24-Jul) : They would probably go with Flacco is my guess if Fields out
dfosterf (24-Jul) : Fleece 'em again!
Zero2Cool (24-Jul) : Malik Willis might be someone Jets come after
packerfanoutwest (24-Jul) : Packers introduce 1923-inspired classic uniform, leather-look helmet
Zero2Cool (23-Jul) : Both LB Quay Walker and Rookie DB Micah Robinson have passed their physicals
Zero2Cool (23-Jul) : Happy to see site feels more snappy snappy
Zero2Cool (23-Jul) : No sir. I did not.
dfosterf (23-Jul) : You didn't get free childcare when you were at work?
wpr (23-Jul) : These guys make hundreds of thousands of dollars a year. Pay for their own childcare.
dfosterf (23-Jul) : 2nd issue. Number 1 issue was no gameday childcare. 1 of 3 teams not providing it
Zero2Cool (23-Jul) : Suppose if locker room is main issue, we sitting pretty
wpr (23-Jul) : I thought so Mucky. In those useless player polls GB always rates high overall. Locker is a part of it.
Mucky Tundra (23-Jul) : Wasn't the locker room just updated like 6 or 7 years ago?
Zero2Cool (23-Jul) : I have forum updated on different site. We'll see how this one goes before going to that
Zero2Cool (23-Jul) : Elgton Jenkins has a back injury, is expect to end contract dispute
wpr (23-Jul) : It's funny the PA complained about the locker room. It wasn't that long ago it was top shelf. Things change in a hurry.
wpr (23-Jul) : The site is much more better.
Zero2Cool (23-Jul) : NFLPA report said Packers lockerroom needed upgrade. Whining bout where you change?
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