Announcement by Transocean Ltd. Senior Management Team
ZUG, SWITZERLAND, Apr 05, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd.'s (NYSE: RIG) (SIX: RIGN) senior management team,led by Chief Executive Officer Steven Newman, announced that they arevoluntarily donating the safety bonuses that were awarded to them for2010 to the Deepwater Horizon Memorial Fund.
\"The executive team made this decision because we believe it is theright thing to do,\" Newman said. \"Nothing is more important toTransocean than our people, and it was never our intent to diminishthe effect the Macondo tragedy has had on those who lost loved ones,\"Newman said. \"We offer our most sincere apologies and we regret theimpact this matter has had on the entire Transocean family.\"
The senior executives who will be donating their safety bonuses, inaddition to Steven Newman, include Ricardo H. Rosa, Senior VicePresident 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.
The Deepwater Horizon Memorial Fund was established by Transoceanshortly after the tragic Macondo incident for donations by employeesand friends to assist the families of the 11 men lost as a result ofthe incident. All monies from the fund are distributed equally to thefamilies of the 11 men lost in the accident. The non-deductible sumbeing donated by the senior executive team will exceed $250,000. Morethan $1.6 million has been distributed by the Memorial Fund to date.
Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 136 mobile offshore drilling units as well as oneultra-deepwater newbuild drillship and three high-specificationjackups under construction, Transocean's fleet is considered one ofthe most modern and versatile in the world due to its emphasis ontechnically demanding segments of the offshore drilling business.Transocean owns or operates a contract drilling fleet of 47High-Specification Floaters (Ultra-Deepwater, Deepwater andHarsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, nine High-Specification Jackups, 52 Standard Jackups andother assets utilized in the support of offshore drilling activitiesworldwide.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.