Transocean, the owner and operator of the Deepwater Horizon drilling rig, handed out big bonuses to top executives, citing 2010 as its "best year in safety." Acknowledging the Gulf tragedy in a filing to the Securities and Exchange Commission, the company maintained that, “we recorded the best year in safety performance in our company’s history.
The filing continued: "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record."
In the wake of the Deepwater Horizon explosion, as the oil still gushed into Gulf waters, the president formed a commission to figure out what went wrong, and how to prevent a similar disaster in the future. Commission members claim that the president told them to "follow the facts wherever they led," and so for six months they've been doing exactly that.
Today, the commission released its final report. Impressively, the authors didn't mince words, essentially saying that if industry's practices and government oversight don't improve, another disaster is all but inevitable.