Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 22

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 22
---
 a member of our Board of Directors.The proposed amendment to the Articles of Association in respect of this Agenda Item 5 is included in Annex B. |

EXPLANATION Robust corporate governance remains an imperative for the Board of Directors. The Board of Directors periodically reviews the skills, experience and diversity of its members and the size of the Board to determine whether any changes are appropriate. Pursuant to our Corporate Governance Guidelines, certain of our current directors will be subject to mandatory retirement from the Board of Directors in the next twoyears. Increasing the maximum number of members of the Board of Directors to 12 directors for a one-year period will allow us to enhance the skills, experience and diversity among our directors, allow the Board of Directors to maintain committees of an appropriate size and composition, and provide for an orderly transition for the anticipated retirements that will help to maintain continuity within the membership of our Board of Directors. Assuming this proposal is approved by our shareholders and that all of the nominees proposed by the Board of Directors are elected, our Board of Directors will have 12 members until returning to a maximum of 11 members upon the earlier of the 2026 Annual General Meeting or the resignation, removal or other departure of a member of our Board of Directors elected at this 2025 Annual General Meeting. In the event that Agenda Item 5 is not approved by shareholders at the 2025 Annual General Meeting, the maximum number of Board members will remain at 11. To address this scenario, each of the non-management nominees, other than nominees who would serve in a leadership position on the Board or a Committee thereof, has agreed to withdraw his or her nomination if the Board determines that the maximum size constraint necessitates such action. At the 2025 Annual General Meeting, votes for a nominee to the Board of Directors who withdraws his or her candidacy prior to the votes being counted for Agenda Item 6 would have no effect. The Board of Directors is proposing to amend Article 38 of the Company’s Articles of Association, accordingly, and increase the maximum number of directors to 12 for a one-year period. If approved by our shareholders, the amendment of Article 38 becomes effective immediately. The proposed amendment to Article 38 of the Articles of Association is included in Annex B.

| ​                                                                              |
| RECOMMENDATIONThe Board of Directors recommends a vote FOR this Agenda Item 5. |

Transocean 2025 P-30 Proxy Statement

AGENDA ITEM 6 Election of 12 Directors, Each for a Term Extending Until