Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 122

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 122
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 arrangements, we are not using the same median employee as during the prior year. In determining the applicable median salary, we first excluded 271 of our non-U.S. employees located in Angola (221), Cayman Islands (3), Greece (17), Hungary (2), Malaysia (7), and Spain (21), representing less than 5% of our workforce, a de minimis number of non-U.S. employees. Next, for all other non-U.S. employees paid in local non-U.S. currency, salaries were denominated in U.S. dollars by applying applicable currency exchange rates in place on December 31, 2024. This currency exchange was necessary for comparison to our CEO pay, which is denominated in U.S. dollars. We then identified the median employee based on a tabulation of year-to-date earnings for all included employees on December 31, 2024, the last day of our fiscal year. Once the median employee was identified as described above, the total annual compensation for 2024 for that employee was determined using the same rules that apply to reporting Named Executive Officer compensation in the Total column of the “Summary Compensation Table.” Transocean 2025 P-123 Proxy Statement

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| EXECUTIVE COMPENSATION | ​ |

Pay Versus Performance The following table displays our Named Executive Officer’s compensation relative to the Company’s key performance measures of net income, Adjusted EBITDA and calculated returns on a $100 investment in Company stock compared to the PHLX Oil Service Sector Index (OSX). Pay Versus Performance Table

| ​    |   |            ​ |   |              |   |              |   |                  |   |                           ​ | ​ |           ​ |   |               |   |           |   |
| ​    |   |            ​ |   |              |   |      AVERAGE |   |          AVERAGE |   |                           ​ | ​ |           ​ |   |               |   |           |   |
| ​    | ​ |            ​ | ​ |            ​ | ​ |      SUMMARY | ​ |     COMPENSATION | ​ |                           ​ | ​ |           ​ | ​ | ​             | ​ |         ​ | ​ |
| ​    | ​ |            ​ | ​ |            ​ | ​ | COMPENSATION | ​ |         ACTUALLY | ​ | VALUE OF INITIAL FIXED $100 |   |             | ​ | ​             | ​ |         ​ | ​ |
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