Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 75

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 75
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 Corporate Governance Committee. |

| (2) | Ms. Øvrum previously served on the Audit Committee through fiscal year 2024 and into 2025. |

Transocean 2025 P-77 Proxy Statement

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| BOARD MEETINGS AND COMMITTEES | ​ |

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|   | AUDIT COMMITTEE | Meetings in 2024: 9 |

MEMBERS Vanessa C.L. Chang Glyn A. Barker Samuel J. Merksamer Ms. Øvrum served on the Audit Committee throughout fiscal year 2024 and into 2025. Mr. Merksamer was appointed as a member in early 2025. The Board of Directors requires that all members of the Audit Committee meet the financial literacy standard required under the NYSE rules and that at least one member qualifies as having accounting or related financial management expertise under the NYSE rules. In addition, the SEC has adopted rules requiring that we disclose whether or not the Audit Committee has an “audit committee financial expert” as a member. An “audit committee financial expert” is defined as a person who, based on his or her experience, possesses all of the following attributes: ■An understanding of generally accepted accounting principles and financial statements; ■The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; ■Experience preparing, auditing, analyzing or evaluating financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and level of complexity of issues that can reasonably be expected to be raised by our financial statements, or experience actively supervising one or more persons engaged in such activities; ■An understanding of internal control over financial reporting; and ■An understanding of audit committee functions. The person must have acquired such attributes through one or more of the following: ■Education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions; ■Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions; ■Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or ■Other relevant experience. The Board of Directors has reviewed the criteria set by the NYSE and SEC and determined that each of the current members of the Audit Committee is “financially literate” and all three of the members qualify as “