Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 76

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 76
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 connection with the accounting for estimates, accruals, and reserves; ■Experience preparing, auditing, analyzing or evaluating financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and level of complexity of issues that can reasonably be expected to be raised by our financial statements, or experience actively supervising one or more persons engaged in such activities; ■An understanding of internal control over financial reporting; and ■An understanding of audit committee functions. The person must have acquired such attributes through one or more of the following: ■Education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions; ■Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions; ■Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or ■Other relevant experience. The Board of Directors has reviewed the criteria set by the NYSE and SEC and determined that each of the current members of the Audit Committee is “financially literate” and all three of the members qualify as “audit committee financial experts.” In addition, the Board of Directors has determined that all of the current members of the Audit Committee qualify under NYSE rules as having accounting or related financial management expertise. Ms. Changwas previously partner in charge of Corporate Finance for KPMG Peat Marwick LLP. Mr. Barkeris a chartered accountant, served as an audit partner in an accounting firm and served as the Vice Chair-U.K. of PricewaterhouseCoopers LLP from 2008 to 2011.

Transocean 2025 P-78 Proxy Statement

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| ​ | BOARD MEETINGS AND COMMITTEES |

Mr. Merksameris an Executive Director at Mubadala Capital and a former partner at One Investment Management and a former Managing Director at Icahn Capital. Finally, NYSE rules restrict directors who have relationships with the Company that may interfere with the exercise of their independence from management and the Company from serving on the Audit Committee. We believe that the members of the Audit Committee have no such relationships and are therefore independent for purposes of NYSE rules. PRIMARY RESPONSIBILITIES The responsibilities of the Audit Committee include, among others, the following: ■Review at least annually, together with management, the Company’s ESG and cybersecurity disclosures and the adequacy and effectiveness of internal