Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 89

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 89
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 full utilization through mid-2026; and, as of the February 2025 Fleet Status Report, our backlog is approximately $8.3 billion. 2024 Compensation Program Overview Our Compensation Committee of the Board of Directors (the “Committee”) considers the long-term interests of the Company and our shareholders when making decisions regarding our compensation programs. The 2024 compensation program design for our Named Executive Officers appropriately reflects our strong commitment to best practices in compensation governance and achieves the program design objectives of: ■Retaining and motivating our executives to achieve important business objectives, ■Rewarding our executives for delivering superior financial, operational, environmental and safety performance; and, ■Strongly aligning executive pay with Company performance and the shareholder experience. THE 2024 COMPENSATION ACTIONS REFLECT OUR CONTINUED FOCUS ON BEST-PRACTICE COMPENSATION GOVERNANCE, WHILE MAINTAINING PRUDENTLY DESIGNED, COMPETITIVE COMPENSATION PACKAGES. In February 2024, using competitive market analysis provided by its consultant, the Committee evaluated all elements of the compensation program. The Committee’s critical objectives were: retaining key executive talent required for current and future Company financial performance and succession, assessing the alignment between performance and compensation, and analyzing realizable pay relative to target pay as compared to our peers. Compensation Philosophy, Strategy and Design Our executive compensation program includes a range of features that align the interests of our senior management with those of our shareholders and excludes features that may result in misalignment. Important features of our executive compensation programs and practices are provided in the following table: Transocean 2025 P-91 Proxy Statement

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| COMPENSATION DISCUSSION AND ANALYSIS | ​ |

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| ✓    Conduct an annual review of our compensation strategy, including a review of our compensation-related risk profile✓    Seek shareholder feedback annually on our executive compensation program through an advisory vote ✓    Mandate meaningful share ownership requirements for our executives✓    Maintain a clawback policy in accordance with SEC and NYSE requirements providing for the recovery of erroneously awarded incentive-based compensation (cash and equity) in the case of an accounting restatement✓    Base annual incentive performance on quantitative and qualitative metrics and long-term incentive performance on quantitative, formulaic metrics✓    Maintain compensation plans that are weighted significantly toward variable pay to align