Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 96

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 96
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 onboarding new personnel. Following multiple years of above-target uptime achievement, and setting company record breaking uptime performance in 2023, the Committee opted to not only increase the 2024 target from 96.5% to 97.0%, but also to reduce the spread between threshold and maximum achievement from 3% to 2%. These adjustments represented a challenge for management to constantly improve operational efficiency achievement by requiring an incremental increase of approximately 948 operating hours, or nearly 40 operating days, compared to the previous target. Measuring Uptime Results THE COMPANY ACHIEVED 96.9% UPTIME PERFORMANCE IN 2024. Despite the forecasted challenges for 2024, we achieved uptime performance just below the increased 2024 target. Notably, the Company delivered these results in a year that included several rig mobilizations to new geographic locations requiring recruitment and onboarding of new local crew members as well as crew member relocation. As illustrated, the formulaic performance of uptime achieved a payout level of 90% of target and an associated weighted payout of 18% of the total target bonus opportunity for each of the Named Executive Officers.

Transocean 2025 P-100 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           |
| ■