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Failing to Succeed

April 4, 2011

In 2010, Transocean Ltd. had the best year in terms of safety performance ever in company history so much so that it decided to reward its overpaid executives with bonuses.

Unfortunately, I think the company has selective memory because 2010 is also the year that a little incident aboard one of its oil rigs–the Deepwater Horizon–caused the worst oil spill in U.S. history, which also claimed the lives of 11 workers.

A commission appointed by President Barack Obama earlier this year said the explosion was caused by a series of time and money-saving decisions by Transocean, BP and oil services company Halliburton Inc. that created an unacceptable amount of risk.

Transocean joins the ranks of those who reward failure. Wait a second. Company executives didn’t really fail at anything. They implemented or turned a blind eye on shortcuts to save Transocean money, so they are actually a success. They just happened to fail the environment, the dying animals and the thousands of lives now ruined.

At least the owner of the company feesl bad about it because he has issued an insincere apology.

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