Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 21

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 21
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20% of our share capital as of March 8, 2024) for general purposes. This authorization to issue shares expires on May 29, 2025. As of March 6, 2025, the issued share capital of the Company consisted of 940,828,901 shares. Upon approval of the current proposal, we would be authorized to issue for general purposes up to 188,165,780 shares, or approximately 20% of our share capital as of March 6, 2025, for a term expiring on May 30, 2026. The proposed amendments to Article 5, part A of our Articles of Association reflecting this authorization would replace the authorization approved by shareholders at our 2024 Annual General Meeting. Under the proposed capital authorization, our Board of Directors would have authority to exclude preemptive rights in connection with an issuance of shares, as provided in our Articles of Association. The Board of Directors believes it is advisable for our shareholders to authorize the Board of Directors to issue shares using general authorized capital within the limits of NYSE rules, our Articles of Association and the Swiss Code. If this proposal is approved, we would nevertheless seek shareholder approval for the share issuances pursuant to this authorization to the extent required under NYSE rules. Under current NYSE rules, shareholder approval is generally required, with certain enumerated exceptions, to issue shares or securities convertible into or exercisable for shares in one or a series of related transactions if such shares represent 20% or more of the voting power or outstanding shares of the Company at or upon issuance. NYSE rules also require shareholder approval for an issuance of shares that would result in a change of control of the Company, as well as for share issuances in connection with certain benefit plans or certain related party transactions.

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| RECOMMENDATIONThe Board of Directors recommends a vote FOR this Agenda Item 4. |

Transocean 2025 P-29 Proxy Statement

AGENDA ITEM 5 Amendment of the Articles of Association to Increase the Maximum Number of Members of the Board of Directors to 12 from 11 for a One-Year Period PROPOSAL OF THE BOARD OF DIRECTORS

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| The Board of Directors proposes that the maximum number of members of the Board of Directors under the Articles of Association be increased to 12 from 11 until the earlier of (i) the completion of the 2026 Annual General Meeting, or (ii) the resignation, removal or other departure of