Transocean Execs Will Donate Safety Bonuses

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After creating plenty of controversy by announcing in its annual report that its executives were being rewarded with bonuses for the company's 2010 safety record, Transocean, the world's largest provider of offshore drilling services, said the executives will donate the bonuses.

Transocean's senior management team, led by Chief Executive Officer Steven Newman, announced that they are voluntarily donating the safety bonuses that were awarded to them for 2010 to the Deepwater Horizon Memorial Fund, according to a statement issued Tuesday by the Switzerland-based company.

''The executive team made this decision because we believe it is the right thing to do,'' Newman said in the statement. ''Nothing is more important to Transocean than our people, and it was never our intent to diminish the effect the Macondo tragedy has had on those who lost loved ones,'' Newman said.

Transocean (RIG) was the owner of the Deepwater Horizon rig, which exploded last April, killing 11 workers and creating the largest oil spill in U.S. history.