Tuesday, April 05, 2011

Transocean: Idiots of the Day

Another corporation/government/organization self congratulates itself then wonders why others may be stunned by the hubris.

"I'm so pretty, oh so pretty...."

Transocean acknowledged that its description of 2010 as its "best year in safety" despite a blowout that sank one of its rigs, killing 11 workers and causing a huge oil spill, might be insensitive.

In a filing with U.S. financial regulators on Friday, Transocean [RIG 79.80 0.98 (+1.24%) ] had said it achieved an "exemplary" safety record last year as measured by its total recordable incident rate and total potential severity rate.

But Ihab Toma, the company's executive vice president of global business, said some wording in that statement "may have been insensitive" given the Deepwater Horizon accident caused by a blown-out BP [BP.L 473.15 3.90 (+0.83%)] well in the Gulf of Mexico last year.


Read more here.

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