Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 125

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 125
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 year-end                      |    -$1,191,135 |
| Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year                                                    |    -$1,578,929 |
| Deduction of fair value of awards granted prior to year that were forfeited during year                                                                                                    |      -$421,727 |
| Increase based on dividends or other earnings paid during year prior to vesting date of award                                                                                              |              - |
| Total Adjustments                                                                                                                                                                          |    -$4,246,604 |
| Average Compensation Actually Paid (CAP) to Non-CEO Named Executive Officers                                                                                                               |      -$512,328 |

Transocean 2025 P-126 Proxy Statement

| ​ |                        |
| ​ | EXECUTIVE COMPENSATION |

Relationship Between Compensation Actually Paid and Performance Measures

As described in detail in our CD&A, the Committee utilizes multiple key financial, operational, and sustainability measures to correlate our Named Executive Officer’s compensation to Company performance. In particular, the majority of compensation actually paid to our executives is based on the performance of Company stock. The key performance measures for 2024 are:

| ​ | COMPANY SELECTED METRICS                                                       | ​ |
| ​ | Relative Total Shareholder Return                                              | ​ |
| ​ | Adjusted EBITDA                                                                | ​ |
| ​ | Uptime(1)                                                                      | ​ |
| ​ | Sustainability(2)                                                              | ​ |
| ​ | ​                                                                              | ​ |
| ​ | (1)This is a non-financial performance measurement that is defined in the CD&A | ​ |
| ​ | (2)Specific Company developed sustainability targets are explained in the CD&A | ​ |

The following charts display the relationship between the Compensation Actually Paid to our CEO and the average of our non-CEO Named Executive Officers with the key performance measures of Company Total Shareholder Return (TSR), net income and Adjusted EBITDA. Also included is the Company TSR, calculated for the one-, two-, three-, four- and five-year period based on an initial $100 investment with a comparison to our peers based upon the PHLX Oil Service Sector Index (OSX), a modified market weighted index composed of companies involved in the oil services sector that, in addition to containing Company stock, includes the stock of 14 other oil services sector companies.Because the performance of Company stock, and the incremental changes in value of equity awards, is tied to the majority of the compensation actually paid to