Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 97

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 97
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 | Occupational Safety – based on TRIR. |

The Committee maintained the Operational Integrity and Occupational Safety components in the Environmental & Safety Performance measure for the 2024 award to emphasize the importance of delivering safe and reliable operations. Operational Integrity events are low frequency, high severity events that can result in impact to the environment, significant asset damage, or in the worst instance, loss of life. Since 2013, the Company has maintained a five-tier Operational Integrity framework to categorize events based on potential impact to safety or the environment. The most impactful events are categorized as Tier 1 or Tier 2, which can occur when multiple operational barriers fail. Operational Integrity became the primary component of the Environmental & Safety Performance measure in 2023 to reinforce the importance of delivering safe and reliable operations, both for those onboard our assets and for the ecosystems in which we operate. Occupational Safety, based on TRIR, is the secondary component of the Safety & Environmental Performance measure. TRIR is a safety metric recognized by the Occupational Safety and Health Administration and is used by companies across an array of industries. TRIR is calculated based on the guidelines set by the International Association of Drilling Contractors, by taking the aggregate number of occurrences of work-related injuries or illnesses that result in medical care or treatment beyond minor first aid. The result is the number of such occurrences for every 200,000 hours worked. The cumulative Safety & Environmental Performance achievement is calculated using a scorecard, which determines the outcome based on the Operational Integrity and Occupational Safety results.

| ■ | Occupational Integrity results are based on the prevention of Tier 1 and Tier 2 Operational Integrity events. In the event a Tier 1 event occurs, the entire Safety & Environmental Performance achievement component is automatically reduced to 0%. In the event a Tier 2 event occurs, the Safety & Environmental Performance maximum achievement possible is reduced from 200% to 150%. |

Transocean 2025 P-101 Proxy Statement

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| COMPENSATION DISCUSSION AND ANALYSIS | ​ |

| ■ | Occupational Safety performance is calculated based on TRIR performance relative to target. The Committee approved a TRIR target for 2024 of 0.22 based on input from the GSE Committee. This target represents a five-year actual TRIR results and applies to a 0.95 modifier to ensure the pursuit of continuous improvement. The TRIR target has increased by 29% in the last 5 years driven by continuously improving TRIR results. |

In setting the threshold and