Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 89

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 89
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 drilling efficiency for our customers. As we did in 2024, in 2025 and beyond, we will remain focused on our key priorities: executing on our existing contracts and securing the best future opportunities for our portfolio of high specification rigs, continue to strengthen our balance sheet, and best position Transocean for long-term success in what we expect to be a sustained upcycle in offshore drilling.

Transocean 2025 P-90 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

Highlights of our performance in 2024 include: ■Delivering our best-ever occupational and process safety performance, ending the year with a TRIR of 0.15; ■Installing the first two 20K subsea completions in the history of the offshore drilling industry with our eighth generation drillships – the Deepwater Atlasand the Deepwater Titan; ■Continuing to book market-leading rates – with contracts approaching and, in some cases, exceeding $500,000 per day for our high-hookload seventh generation “plus” assets and more than $600,000 per day for our eighth generation 20K assets; and ■Commencing operations on the Deepwater Aquila, the newest 1,400 short ton drillship added to our fleet. Our active fleet is near full utilization through mid-2026; and, as of the February 2025 Fleet Status Report, our backlog is approximately $8.3 billion. 2024 Compensation Program Overview Our Compensation Committee of the Board of Directors (the “Committee”) considers the long-term interests of the Company and our shareholders when making decisions regarding our compensation programs. The 2024 compensation program design for our Named Executive Officers appropriately reflects our strong commitment to best practices in compensation governance and achieves the program design objectives of: ■Retaining and motivating our executives to achieve important business objectives, ■Rewarding our executives for delivering superior financial, operational, environmental and safety performance; and, ■Strongly aligning executive pay with Company performance and the shareholder experience. THE 2024 COMPENSATION ACTIONS REFLECT OUR CONTINUED FOCUS ON BEST-PRACTICE COMPENSATION GOVERNANCE, WHILE MAINTAINING PRUDENTLY DESIGNED, COMPETITIVE COMPENSATION PACKAGES. In February 2024, using competitive market analysis provided by its consultant, the Committee evaluated all elements of the compensation program. The Committee’s critical objectives were: retaining key executive talent required for current and future Company financial performance and succession, assessing