Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 92

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 92
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 in the marketplace and the availability of published survey data for companies that meet the defined size, international scope and organizational structure criteria. Our target market position is determined based on the data believed to be most relevant for a given position. For example, the Compensation Peer Group data are weighted more heavily for positions in Operations and Marketing, whereas general industry data are also considered for executives overseeing corporate functions.

Transocean 2025 P-94 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

However, in accordance with our pay-for-performance philosophy, the Compensation Peer Group data is the primary reference for assessing base salary, short-term incentive and long-term incentive compensation levels. PERFORMANCE PEER GROUP While the competition for executive talent spans a broader market, our Performance Peer Group is specific to the companies most closely aligned to our business with expertise in technically demanding oilfield services and which are most likely to compete with us for investor capital. In February 2024, the Committee evaluated the previously established Performance Peer Group used to measure the Company’s TSR performance relative to that of companies considered to be direct business competitors and competitors for investment capital for inclusion in the 2024 long-term incentive program. The Committee engaged its compensation consultant to refine the peer group to companies that have the strongest correlation to the Company, giving consideration to factors such as emergence from bankruptcy/restructuring and strategic transactions. The Committee confirmed that no change to the current Performance Peer Group was warranted and elected to maintain the peer companies included. The resulting Performance Peer Group for 2024 consisted of:

| ■                                                                                                                       | Aker Solutions                   | ■ | Oceaneering International, Inc. | ■ | Subsea 7 S.A.   |
| ■                                                                                                                       | Baker Hughes Company             | ■ | Odfjell Drilling Ltd.           | ■ | TechnipFMC plc  |
| ■                                                                                                                       | Diamond Offshore Drilling, Inc.* | ■ | Oil States International, Inc.  | ■ | Tidewater Inc.  |
| ■                                                                                                                       | Noble Corporation plc*           | ■ | Saipem S.p.A                    | ■ | Valaris Limited |
| ■                                                                                                                       | NOV Inc.                         | ■ | Seadrill Limited                |   |                 |
| *The Performance Peer Group for 2024 was established prior to certain corporate transactions involving these companies. |                                  |   |                                 |   |                 |

2024 Executive Compensation Elements OUR EXECUTIVE COMPENSATION PROGRAM IS DESIGNED TO ME