Transocean executives donate to Memorial Fund for Macondo

Transocean Ltd.’s senior management is voluntarily donating their 2010 safety bonuses to the Deepwater Horizon Memorial Fund.

Offshore staff

ZUG, Switzerland – Transocean Ltd.’s senior management is voluntarily donating their 2010 safety bonuses to the Deepwater Horizon Memorial Fund.

"The executive team made this decision because we believe it is the right thing to do," Steven Newman, CEO said. "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. We offer our most sincere apologies and we regret the impact this matter has had on the entire Transocean family."

The senior executives who will be donating their safety bonuses, in addition to Newman, include Ricardo H. Rosa, senior VP and CFO, Arnaud A.Y. Bobillier, executive VP, Asset and Performance, Eric Brown, executive VP, Legal & Administration, and Ihab M. Toma, executive VP, Global Business.

The Deepwater Horizon Memorial Fund was established by Transocean shortly after the Macondo incident for donations by employees and friends to assist the families of the 11 men lost as a result of the incident. All monies from the fund are distributed equally to the families of the 11 men. The non-deductible sum being donated by the senior executive team will exceed $250,000. More than $1.6 million has been distributed by the Memorial Fund to date.

04/06/2011

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