Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 108

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 108
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 2024. In order to preserve the independence of the Committee’s compensation consultant and avoid the appearance of an impairment of such independence, the Committee adopted a policy that any compensation consultant to the Committee may not provide other services to the Company in excess of $100,000. Neither Pay Governance nor any of its affiliates provided the Company with any other services in 2024. In May 2024, the Committee assessed whether the work of Pay Governance for the Committee during 2024 raised any conflict of interest by conducting a review of several independence factors, which included the factors set forth under Rule 10C-1 of the Exchange Act. The Committee concluded that no conflict of interest was raised that would prevent Pay Governance from independently advising the Committee. In advising the Committee, the compensation consultant reports to and acts at the direction of the Committee. The Committee directs the compensation consultant in the performance of its duties under its engagement to provide certain guidance on an ongoing basis, including:

| In advising the Committee, the compensation consultant reports to and acts at the direction of the Committee. The Committee directs the compensation consultant in the performance of its duties under its engagement to provide certain guidance on an ongoing basis, including: | ​                                                                                     |
| ■                                                                                                                                                                                                                                                                                 | Expertise on compensation strategy and program design;                                |
| ■                                                                                                                                                                                                                                                                                 | Information relating to the selection of the Company’s peer groups;                   |
| ■                                                                                                                                                                                                                                                                                 | Relevant market data and alternatives to consider when making compensation decisions; |

Transocean 2025 P-109 Proxy Statement

|                                      | ​ |
| COMPENSATION DISCUSSION AND ANALYSIS | ​ |

| ■ | Assistance in establishing and updating annual and long-term incentive guidelines;                                     |
| ■ | Periodic reviews of the total executive compensation program;                                                          |
| ■ | Regular assessment of realizable pay-for-performance; and                                                              |
| ■ | Support and advise as the Committee conducts its analysis of and makes its decisions regarding executive compensation. |

The Committee does not necessarily adopt all recommendations made by the compensation consultant but uses the consultant’s work as a reference in exercising its own judgment with respect to its own executive compensation actions and decisions. The compensation consultant participates in every meeting of the Committee and meets privately with the Committee at the Committee’s request. Our management provides information to the consultant but does not direct or oversee its activities with respect to our executive compensation program. OTHER ADVISORS From time-to-time, management engages other advisors to assist in providing advice to the Committee. Such advisors have included, among