Company: RIG
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0001451505-25-000029
Chunk: 83

Company: Transocean Ltd.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 83
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 for the fiscal year ended December 31, 2024. (2) Mr. Muller retired from the Board of Directors in accordance with our Corporate Governance Guidelines following the completion of his term of service, which concluded at the 2024 Annual General Meeting.

Transocean 2025 P-85 Proxy Statement

AUDIT COMMITTEE REPORT The Audit Committee, consisting of three independent directors, operates under the Audit Committee Charter as adopted by the Board of Directors, in overseeing: ■The integrity of the financial reporting process resulting in the Company’s financial statements; ■Compliance with legal and regulatory requirements;

| ■ | The reporting and assurance process for sustainability disclosures that require third party assurance; |

■The independence, qualifications and performance of the Company’s independent registered public accounting firm, Ernst & Young LLP (“EY”); and ■The performance of the internal audit function. The Audit Committee also recommends our statutory auditor pursuant to the Swiss Code to the Board of Directors and to shareholders for approval at a general meeting of shareholders. The Audit Committee complied in 2024 with all of the requirements described in its Charter, which is available on the Governance page of the Company’s website: www.deepwater.com. The Board of Directors has determined that all the members of the Audit Committee are independent, in accordance with criteria set by the NYSE 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