Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 93

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 93
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 Drilling, Inc.* | ■ | Nabors Industries Ltd.        | ■ | Valaris Limited               |
| ■                                                                                                                        | Helmerich & Payne, Inc.          | ■ | NOV Inc.                      | ■ | Weatherford International plc |
| ■                                                                                                                        | Hess Corporation                 | ■ | Noble Corporation plc*        |   |                               |
| ■                                                                                                                        | Marathon Oil Corporation*        | ■ | Ovintiv Inc.                  | ​ | ​                             |
| *The Compensation Peer Group for 2024 was established prior to certain corporate transactions involving these companies. |                                  |   |                               |   |                               |

Recognizing the cyclical nature of the market in which we operate, and the impact that may have on the relative revenue and market capitalization of each peer company at any given time during the course of a downturn or recovery cycle, the Committee maintains a consistent approach to the overall peer company selection so that compensation benchmarks are stable over the course of the market cycle. Accordingly, we consider the compensation practices of general non-energy industry peers of comparable size and international scope in setting executive compensation levels, and we use general industry data as a secondary market reference to ensure that a comprehensive view of the market is considered. These non-energy general industry peers are expected to vary from year-to-year based on changes in the marketplace and the availability of published survey data for companies that meet the defined size, international scope and organizational structure criteria. Our target market position is determined based on the data believed to be most relevant for a given position. For example, the Compensation Peer Group data are weighted more heavily for positions in Operations and Marketing, whereas general industry data are also considered for executives overseeing corporate functions.

Transocean 2025 P-94 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

However, in accordance with our pay-for-performance philosophy, the Compensation Peer Group data is the primary reference for assessing base salary, short-term incentive and long-term incentive compensation levels. PERFORMANCE PEER GROUP While the competition for executive talent spans a broader market, our Performance Peer Group is specific to the companies most closely aligned to our business with expertise in technically demanding oilfield services and which are most likely to compete with us for investor capital. In February 2024, the Committee evaluated the previously established Performance Peer Group used to measure the Company’s TSR performance relative to that of companies considered to be direct business competitors and competitors for investment capital for inclusion in the 2024 long-term incentive program.