Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 85

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 85
---
 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 on select business processes to the extent that internal controls are impacted. The Audit Committee met nine times in 2024 with regular executive sessions with EY, the Chief Compliance Officer, the chief audit executive and other members of management.

| ​ | MEMBERS OF THE AUDIT COMMITTEE    |
| ​ | ​                                 |
| ​ | Vanessa C.L. Chang, Chair         
 Glyn A. BarkerSamuel J. Merksamer |

Transocean 2025 P-87 Proxy Statement

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS Listed below are the only persons who, to the knowledge of the Company, may be deemed to be beneficial owners, as of March 6, 2025, of more than 5% of the Company’s shares.

| ​​​                                                                                                                                                                            | ​ |                  ​ |   | ​ | ​ | ​                   | ​ |   |
| NAME AND ADDRESS OF BENEFICIAL OWNER                                                                                                                                           |   |             SHARES 
 BENEFICIALLY OWNED |   |   |   | PERCENT OF CLASS(1) |   |   |
| Perestroika AS, Perestroika (Cyprus) Ltd.(2)   Statminister Michelsensvei 38   5230 Paradis, NorwayFrederik W. Mohn