Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 95

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 95
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| EBITDA TARGET AND PERFORMANCE RANGE | ​ |   | BONUS PAYOUT 
 (%)          |   |
| Threshold = $972M                   | ​ | ​ | 0%           | ​ |
| Target = $1,215M                    | ​ | ​ | 100%         | ​ |
| Maximum = $1,458M                   | ​ | ​ | 200%         | ​ |

Measuring EBITDA Results THE COMPANY DELIVERED ADJUSTED EBITDA OF $1,148M IN 2024 The Committee certified EBITDA performance achievement at 72% of target, resulting in a weighted payout of 43% of the total target bonus opportunity for each Named Executive Officer. Attached as Appendix A in this proxy statement, is a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure prepared and calculated in accordance with GAAP. II. OPERATIONAL PERFORMANCE Developing Our Uptime Target WE HAVE IDENTIFIED UPTIME AS THE OPERATIONAL PERFORMANCE MEASURE THAT BEST ALIGNS WITH THE INTERESTS OF OUR CUSTOMERS AND, ULTIMATELY, OUR SHAREHOLDERS. Uptime represented 20% of the 2024 total target annual bonus opportunity, reinforcing the importance of maintaining excellence in our rig operations. We determined that uptime is the best measure of operational efficiency, which is an imperative for our customers and directly impacts their operational plan. Further, uptime has a direct correlation to the Company’s revenue.

Transocean 2025 P-99 Proxy Statement

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| COMPENSATION DISCUSSION AND ANALYSIS | ​ |

Although uptime is a common operational metric in our industry, it has no standard industry definition or reporting structure. As a result, the Company has developed its own definition, in consultation with the Committee, and that definition recognizes the key impediments to Uptime: mechanical failures and human performance errors. Uptime is measured as total operating hours, minus downtime hours, expressed as a percentage of the total operating hours. Operating hours are defined as the number of hours a rig is operating under a contract. Downtime is generally defined as the number of hours the rig is not engaged in drilling activities, resulting from mechanical failure or human performance error.

| ​        | ​                                      | ​ |
| ​        | Total Operating Hours – Downtime Hours |   |
| Uptime = | __________________________________     |   |
| ​        | Total Operating Hours                  |