Company: RIG
Filing Date: 2025-03-21
Form Type: PRE 14A
Source: 0001451505-25-000024
Chunk: 88

Company: Transocean Ltd.
Filing Date: 2025-03-21
Form: PRE 14A
Chunk 88
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 ​ | 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 drilling efficiency for our customers. As we did in 2024, in 2025 and beyond, we will remain focused on our key priorities: executing on our existing contracts and securing the best future opportunities for our portfolio of high specification rigs, continue to strengthen our balance sheet, and best position Transocean for long-term success in what we expect to be a sustained upcycle in offshore drilling.

Transocean 2025 P-90 Proxy Statement

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| ​ | COMPENSATION DISCUSSION AND ANALYSIS |

Highlights of our performance in 2024 include: ■Delivering our best-ever occupational and process safety performance, ending the year with a TRIR of 0.15; ■Installing the first two 20K subsea completions in the history of the offshore drilling industry with our eighth generation drillships – the Deepwater Atlasand the Deepwater Titan; ■Continuing to book market-leading rates – with contracts approaching and, in some cases, exceeding $500,000 per day for our high-hookload seventh generation “plus” assets and more than $600,000 per day for our eighth generation 20K assets; and ■Commencing operations on the Deepwater Aquila, the newest 1,400 short ton drillship added to our fleet. Our active fleet is near