5 Transocean Executives Donating Safety Bonuses to Deepwater Horizon Victims' Families

The company that operated the Deepwater Horizon oil rig, which exploded in the Gulf of Mexico last year, killing 11 men, said five executives who received safety bonuses will donate the money to a fund for the victims' families.

Transocean drew criticism for reporting in a securities filing last week that 2010 was its "best year in safety performance," according to news reports, despite the deadly explosion April 20 and the massive oil spill that followed.

5 Transocean Executives Donating Safety Bonuses to Charity

Fire boat response crews battle the blazing remnants of the oil rig Deepwater Horizon last April in the Gulf of Mexico. Five executives from the company that operated the rig will donate more than $250,000 in bonuses to a fund for the victims' families.

"Some companies just don't get it," said William Reilly, former co-chairman of the presidential commission that investigated the disaster, according to the Houston Chronicle. "I think Transocean just doesn't get it."

On Tuesday, the company said the five executives would collectively donate more than $250,000 in bonuses to the Deepwater Horizon Memorial Fund, which Transocean created, according to news reports.

"The executive team made this decision because we believe it is the right thing to do," Transocean CEO Steven Newman said in a statement carried by several news organizations.

"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," he said. "We offer our most sincere apologies, and we regret the impact this matter has had on the entire Transocean family."

The bonuses being donated equal just more than a quarter of the executives' overall bonuses, The Wall Street Journal reported, putting the total amount in incentive bonuses they received at $900,000.

In a filing, Transocean said executives got two-thirds of their target safety bonus, the Journal said. Safety counts for a quarter of the factors that determine the annual bonus, the paper said. The Chronicle said the safety-related bonuses were reduced because of the deaths.

Before announcing the donations, the company apologized.

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"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 five executives are Newman, Chief Financial Officer Ricardo Rosa, executive vice president of asset and performance Arnaud A.Y. Bobillier, executive vice president of legal and administration Eric Brown and executive vice president of global business Ihab Toma, according to reports.

Last year's explosion set off the largest oil spill in U.S. history. The presidential commission that investigated the spill said earlier this year that the explosion was an avoidable accident caused by decisions by Transocean, BP, which was leasing the rig, and Halliburton.