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.
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.
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.