Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 92

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 92
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 can be found in the section titled “2024 Named Executive Officer Transitions” included in the Compensation Discussion and Analysis. Setting Executive Compensation We annually review our executive compensation program to ensure that we provide the opportunity for each of our Named Executive Officers to receive competitive compensation without providing an incentive for excessive risk-taking. With support from its independent compensation consultant, the Committee annually reviews each Transocean 2025 P-93 Proxy Statement

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| COMPENSATION DISCUSSION AND ANALYSIS | ​ |

individual component of compensation as well as the aggregate compensation that may be paid or awarded to each of our Named Executive Officers and compares them:

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| ■ | Externally against compensation awarded and paid to executive officers holding comparable positions at companies with which we compete for executive talent; and |
| ■ | Internally against other members of the executive team to ensure internal equity, taking into account individual performance, skills, experience, and tenure.    |

We assess our compensation programs with the aim of positioning elements of compensation competitively to that of other executives in our industry sector and among companies in other industries of comparable size, international scope, and organizational complexity. We also seek to provide a direct link between pay and the enhancement of shareholder value. The Committee’s independent compensation consultant guides the Committee in evaluating and establishing the appropriate peer groups for this assessment. The Committee, with support from its independent compensation consultant, employs two peer groups for the purpose of evaluating executive compensation. The “Compensation Peer Group” is used to assess the competitiveness of the compensation of our Named Executive Officers, and the “Performance Peer Group” is used to evaluate the relative performance of the Company. COMPENSATION PEER GROUP We compete for executive talent across many different sectors around the world. However, our primary competitive market generally includes other companies in the energy industry (oil and gas companies, offshore drilling companies and other energy services companies). In making compensation decisions for the Named Executive Officers, the total direct compensation and each underlying element thereof are compared against published and publicly available compensation data. The Compensation Peer Group for 2024 comprised of the following companies:

| ​                                                                                                                        | ​                                | ​ | ​                             | ​ | ​                             |
| ■                                                                                                                        | Apache Corporation               | ■ | McDermott International, Ltd. | ■ | Petrofac Limited              |
| ■                                                                                                                        | Chesapeake Energy Corporation*   | ■ | Murphy Oil Corporation        | ■ | TechnipFMC plc                |
| ■                                                                                                                        | Diamond Offshore