Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 94

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 94
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 performance measures and relative weightings. Each of the measures is defined and discussed in more detail below. Based on the performance measures described further below and using the pre-determined weightings assigned to each measure by the Committee, the overall bonus achievement for each of our Named Executive Officers was 101% of the targeted bonus opportunity under the Bonus Plan for 2024. The components of this total bonus payout under the Bonus Plan for 2024 are as follows:

| PERFORMANCE MEASURE         | ​ | 2024 WEIGHTING 
 (%)            |   |      | 2024 ACHIEVEMENT(%) |   | 2024 WEIGHTED ACHIEVEMENT 
 (%)                       |   |
| I.      EBITDA              |   | 60%            | ​ | 72%  |                     | ​ | 43%                       | ​ |
| II.     Uptime              |   | 20%            | ​ | 90%  |                     | ​ | 18%                       | ​ |
| III.    Sustainability      |   | 20%            | ​ | 200% |                     | ​ | 40%                       | ​ |
| 2024 Bonus Plan Achievement | ​ | ​              | ​ | ​    |                     | ​ | 101%                      | ​ |

For specific award amounts, see “Executive Compensation—Summary Compensation Table.” I. FINANCIAL PERFORMANCE Developing Our EBITDA Target FOR THE 2024 BONUS PLAN, THE COMMITTEE EVALUATED FINANCIAL MEASURES THAT WOULD MOST CLOSELY ALIGN MANAGEMENT WITH THE COMPANY’S FINANCIAL OBJECTIVES. The Committee concluded that EBITDA continues to be the most appropriate financial measure for our annual bonus for the following reasons:

| ​ | ​                                                                              |
| ■ | EBITDA is commonly used by our shareholders to evaluate financial performance; |

Transocean 2025 P-98 Proxy Statement

| ​ |                                      |
| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

| ■ | EBITDA is commonly used by our peers to evaluate their own financial performance; and                                                     |
| ■ | While EBITDA is a non-GAAP financial measure, it is objective and reconcilable to the GAAP measures reported in our financial statements. |

The Committee weighted EBITDA at 60% of the total 2024 Bonus Plan opportunity. Further, taking into account the Company’s 2024 financial plan, the Committee set the 2024 EBITDA