Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 20

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 20
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 PROPOSAL OF THE BOARD OF DIRECTORS

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| The Board of Directors proposes that the accumulated losses of the Company be carried forward. |

| ​​​                                                    | ​ | ​ |                   ​ | ​ |
| APPROPRIATION OF ACCUMULATED LOSSES                    |   | ​ | IN U.S. $ THOUSANDS | ​ |
| Accumulated losses brought forward from previous years | ​ | ​ |         -12,904,929 | ​ |
| Net income for the year                                | ​ | ​ |             263,382 | ​ |
| Accumulated losses to be brought forward               | ​ | ​ |         -12,641,547 | ​ |

EXPLANATION Under Swiss law, the appropriation of available earnings or accumulated losses, as the case may be, as set forth in the Swiss statutory financial statements must be submitted to shareholders for approval at each annual general meeting. The accumulated losses subject to the vote of the Company’s shareholders at the 2025 Annual General Meeting is the accumulated losses of Transocean Ltd., on a standalone basis.

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| RECOMMENDATIONThe Board of Directors recommends a vote FOR this Agenda Item 3. |

Transocean 2025 P-28 Proxy Statement

AGENDA ITEM 4 Approval of Shares Authorized for Issuance PROPOSAL OF THE BOARD OF DIRECTORS

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| The Board of Directors proposes that its authority to issue shares using general capital authorization be approved, and any share issuances thereunder be limited to 188,165,780 shares, representing approximately 20% of the Company’s issued shares as of March 6, 2025, for a term expiring on May 30, 2026. The proposed amendments to our Articles of Association reflecting this authorization would replace the authorization to issue shares using authorized share capital that was approved by shareholders at our 2024 Annual General Meeting, which expires on May 29, 2025.The Board of Directors believes that providing the flexibility to issue shares quickly and opportunistically is a strategic benefit to the Company and that the proposal would more closely align the Company’s ability to issue shares with that of its peers.The proposed amendments to the Articles of Association in respect of this Agenda Item 4 are included in Annex A. |

EXPLANATION At our 2024 Annual General Meeting, shareholders authorized the issuance of issue up to 172,563,171 shares (representing approximately