Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 84

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 84
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 and SEC and, are “financially literate” pursuant to NYSE rules. Further, all of the members of the Audit Committee qualify as Audit Committee Financial Experts, as defined by SEC rules. 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. Management is responsible for the Company’s disclosure controls and procedures, internal controls and the financial reporting process, including the integrity and objectivity of the financial statements. The Audit Committee: ■Reviewed the Company’s financial statements and financial reporting processes, including internal controls over financial reporting; ■Reviewed and discussed with EY and management the Company’s audited financial statements included in the Annual Report; ■Discussed various matters with EY, including matters required by the Public Company Accounting Oversight Board’s (“PCAOB”) “Communications with Audit Committees”; ■Reviewed and discussed with EY its report on internal control over financial reporting; ■Oversaw the Company’s internal audit function, including the performance of the chief audit executive, internal audit plan, budget, resources and staffing; ■Oversaw the Company’s Legal, Compliance and Ethics program, including helpline calls and investigations, and employee code of integrity; and ■Recommended to the Company’s Board of Directors that the Company’s audited financial statements for the year ended December 31, 2024, be included in the annual report on Form 10-K filing with the SEC. The Audit Committee is responsible for the appointment, compensation and oversight of the independent registered accountant in accordance with SEC, PCAOB and the Swiss Code. After a process to request a proposal from another independent accounting firm, the Audit Committee considered several factors in determining whether to reappoint EY as the Company’s independent registered public accountant, such as: ■Qualifications including industry expertise, knowledge of the Company’s processes, global footprint, depth of experience in the countries where the Company’s finance, tax and accounting functions are located, and experience of the audit and tax teams;

Transocean 2025 P-86 Proxy Statement

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■Professional expertise in addressing complicated capital market transactions and the related accounting and disclosures ; ■Performance including quality of communication, professional skepticism; ■The firm’s internal processes for monitoring and maintaining independence, including reporting requirements from its professionals and consequences for violations; ■Length of service, which began in 1999; ■Results from PCAOB inspections and EY’s responses to