Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 97

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 97
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 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

III. SUSTAINABILITY PERFORMANCE Developing Our Sustainability Targets WE RECOGNIZE THE IMPORTANCE OF SUSTAINABILITY TO OUR BUSINESS AND OUR INDUSTRY, SO WE INCLUDED CORPORATE SUSTAINABILITY OBJECTIVES IN THE 2024 CASH BONUS PLAN TO DRIVE PERFORMANCE ALIGNED WITH OUR LONG-TERM BUSINESS STRATEGY. The Company is committed to operating our business responsibly, mitigating risks and creating value. This means, among other imperatives, minimizing our impact to the environment, stewarding resources conscientiously, treating our workforce with respect, and innovating purposefully. To further emphasize this commitment, the Committee included a sustainability component to the 2024 Bonus Plan design comprised of the following two measures, selected by the Governance, Safety & Environment Committee, in support of our continuous and deliberate focus on protecting our personnel, our assets and the environment from the numerous potential operating hazards endemic to our business:

| ■ | Environmental & Safety Performance – based on Operational Integrity and Occupational Safety (10%); and |
| ■ | Sustainability Governance Performance (10%).                                                           |

Environmental & Safety Performance The Environmental & Safety measure for the 2024 award is comprised of:

| ■ | Operational Integrity; and           |
| ■ | Occupational Safety – based on TRIR. |

The Committee maintained the Operational Integrity and Occupational Safety components in the Environmental & Safety Performance measure for the 2024 award to emphasize the importance of delivering safe and reliable operations. Operational Integrity events are low frequency, high severity events that can result in impact to the environment, significant asset damage, or in the worst instance, loss of life. Since 2013, the Company has maintained a five-tier Operational Integrity framework to categorize events based on potential impact to safety or the environment. The most impactful events are categorized as Tier 1 or Tier 2, which can occur when multiple operational barriers fail. Operational Integrity became the primary component of the Environmental & Safety Performance measure in 2023 to reinforce the importance of delivering safe and reliable operations, both for those onboard our assets and for the ecosystems in which we operate. Occupational Safety, based on TRIR, is the secondary component of the Safety & Environmental Performance measure. TRIR is a safety metric recognized by the Occupational Safety and Health Administration and is used by companies across an array of industries. TRIR is calculated based on the guidelines set by the International Association of Drilling Contractors, by taking the aggregate number of occurrences of