For Transocean Ltd., 2010 was a banner year, safety-wise. The money quote from their Schedule 14A SEC filing is:
…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 (“TRIR”) and total potential severity rate (“TPSR”). As measured by these standards, we recorded the best year in safety performance in our Company’s history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere.
These are the clowns whose oil rig exploded – injuring 17 people, killing 11 – then sank, leaving behind an uncapped oil well that spewed millions of gallons of oil into the Gulf of Mexico before it was finally shut down, four months later.
But, due to their ‘exemplary safety record’, they’re asking the shareholders to grant them big raises & bigger bonuses. They seem genuinely surprised at the tempête de merde that has descended on them for this.
“But…but…we are executives. We deserve huge bonuses, because our huge salaries aren’t big enough.”