Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 88

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 88
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ATION                         | ​ |
| P-95  | EXECUTIVE COMPENSATION ELEMENTS                        | ​ |
| P-108 | EXECUTIVE COMPENSATION GOVERNANCE, POLICY AND PRACTICE | ​ |
| P-111 | TAX IMPACT ON COMPENSATION                             | ​ |

This Compensation Discussion and Analysis provides an overview and analysis of Transocean’s executive compensation programs and policies, material compensation decisions for 2024, and the key factors we considered in making those decisions. It includes specific information about the compensation paid, earned or granted to the following persons who constitute our Named Executive Officers (each an “NEO”) for 2024:

| ​                                                                      | ​ | ​                                                                                               | ​ | ​                                     |
| JEREMY D. THIGPEN                                                      
 Chief Executive Officer                                                | ​ | R. THADDEUS VAYDA                                                                               
 Executive Vice President and Chief Financial Officer                                            | ​ | KEELAN I. ADAMSON                     
 President and Chief Operating Officer |
| BRADY K. LONG                                                          
 Executive Vice President and Chief Legal Officer                       | ​ | RODERICK J. MACKENZIEExecutive Vice President and Chief Commercial Officer                      | ​ | ​                                     |
| MARK L. MEYFormer Executive Vice President and Chief Financial Officer | ​ | HOWARD E. DAVISFormer Executive Vice President and Chief Administrative and Information Officer | ​ | ​                                     |

Executive Summary Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and we operate one of the largest, most technically capable and versatile offshore drilling fleets in the world. INDUSTRY LEADING PERFORMANCE & DELIVERING LONG-TERM SUCCESS Transocean entered 2024 with momentum that commenced in the prior year as the recovery of the offshore drilling market continued to take shape. Securing 22 new contract awards in 2024, Transocean solidified a 2025 active fleet utilization of 96.9%. As future contract revenues were procured, the Company continued to make opportunistic and well-timed financial transactions that extend our liquidity runway and position us to make meaningful progress in reducing debt. During 2024, and as reflected in our strong financial results, we remained acutely focused on safety and uptime performance across our fleet, delivering our best ever occupational and process safety performance and executing strong reliability and