Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 84

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 84
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 calls and investigations, and employee code of integrity; and ■Recommended to the Company’s Board of Directors that the Company’s audited financial statements for the year ended December 31, 2024, be included in the annual report on Form 10-K filing with the SEC. The Audit Committee is responsible for the appointment, compensation and oversight of the independent registered accountant in accordance with SEC, PCAOB and the Swiss Code. After a process to request a proposal from another independent accounting firm, the Audit Committee considered several factors in determining whether to reappoint EY as the Company’s independent registered public accountant, such as: ■Qualifications including industry expertise, knowledge of the Company’s processes, global footprint, depth of experience in the countries where the Company’s finance, tax and accounting functions are located, and experience of the audit and tax teams;

Transocean 2025 P-86 Proxy Statement

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| ​ | AUDIT COMMITTEE REPORT |

■Professional expertise in addressing complicated capital market transactions and the related accounting and disclosures ; ■Performance including quality of communication, professional skepticism; ■The firm’s internal processes for monitoring and maintaining independence, including reporting requirements from its professionals and consequences for violations; ■Length of service, which began in 1999; ■Results from PCAOB inspections and EY’s responses to inspection findings; ■EY’s firm-level internal control, the annual audit quality report and tone at the top; ■EY’s engagement-level audit quality characteristics; ■Evaluation of EY’s services annually; and ■Evaluation of the lead audit engagement partner’s first year in his required five-year rotation. The Audit Committee approves annually the scope, plans and fees for the annual audit, taking into consideration several factors including a breakdown of the services to be provided, proposed staffing, changes in the Company and industry from the prior year. The fee approval process balances the audit scope and hours required for a high-quality audit and driving efficiencies from both the Company and EY while compensating EY fairly. The Audit Committee pre-approved all audit-related and permitted non-audit services. A significant portion of the audit-related services involved services related to the Company’s financing transactions. Agendas for Audit Committee meetings are developed with input from all Audit Committee members, management, the chief audit executive and EY. Quarterly meetings feature, among other things, reports on cybersecurity performance metrics and controls. The Audit Committee has periodic executive sessions with the Vice President, Information Technology and third-party information security consultants. The Audit Committee also regularly receives reports from management