Transocean Ltd.
For the period ended May 22, 2026. Filed Mar 31, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 22, 2026 · Filed Mar 31, 2026
Contents
PROXY STATEMENT SUMMARY
2026 ANNUAL GENERAL MEETING DETAILS
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| WHEN | WHERE | RECORD DATE |
| Friday, May 22, 2026 | Parkhotel Zug | May 4, 2026 |
| 8:00 a.m. Swiss time | Industriestrasse 14 | |
| | 6302 Zug, Switzerland | |
VOTING INFORMATION
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| | | BY PHONE | | BY INTERNET | | BY MAIL | | BY MOBILE DEVICE | |
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| Registered Holders(shares are registered in your own name) | | On a touch-tone telephone, call toll-free:+1 (800) 690-6903 24/7, and follow the instructions. You will need the 16-digit control number that is included in the voting instructions form that is sent to you. You will be able to confirm that the telephonic system has properly recorded your votes. | | Go to www.proxyvote.com 24/7, and follow the instructions. You will need the 16-digit control number that is included in the voting instructions form that is sent to you. The internet system allows you to confirm that the system has properly recorded your voting instructions. | | Complete, date, sign and return your proxy card in the postage-paid envelope.Do not mail the proxy card if you are submitting voting instructions over the internet or by telephone. | | Scan the QR code, which can be found on your voting instructions form that is sent to you. | |
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| Beneficial Owners(shares are held “in street name” in a stock brokerage account or by a bank, nominee or other holder of record) | | On a touch-tone telephone, call toll-free:+1 (800) 690-6903 24/7, and follow the instructions.You will need the 16-digit control number that is included in the voting instructions form that is sent to you.You will be able to confirm that the telephonic system has properly recorded your votes. | | Go to www.proxyvote.com 24/7, and follow the instructions.You will need the 16-digit control number that is included in the voting instruction form that is sent to you.The internet system allows you to confirm that the system has properly recorded your voting instructions. | | Complete, date, sign and return your voting information form.Do not mail the voting instruction form if you are submitting voting instructions over the internet or by telephone. | | Scan the QR code, which can be found on your voting instructions form that is sent to you. | |
Transocean 2026 P-3 Proxy Statement
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| PROXY STATEMENT SUMMARY | |
YOUR VOTE IS IMPORTANTEven if you plan to attend the 2026 Annual General Meeting, you are encouraged to submit your voting instructions over the internet, by telephone or by mail as soon as possible prior to the meeting.
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2026 ANNUAL GENERAL MEETING TO BE HELD ON MAY 22, 2026
Our proxy statement and 2025 Annual Report are available at www.proxyvote.com or on our website investor.deepwater.com under “Financial Reports ― Annual and Quarterly Reports.” Information contained on or accessible from our website is not incorporated by reference into this proxy statement and should not be considered a part of this report or any other filing that we make with the SEC. Furthermore, references to our website URLs are intended to be inactive textual references only.
Shareholders registered in our share register on the record date have the right to vote their shares at the 2026 Annual General Meeting. Such shareholders may designate proxies to vote their shares by submitting their proxy electronically over the internet, by telephone or, if they request that the proxy materials be mailed to them, by completing, signing and returning the proxy card enclosed with those materials. Please review the voting instructions in the proxy statement for each of these methods.
Shareholders who hold their shares in the name of a bank, broker or other nominee should follow the instructions provided by their bank, broker or nominee for voting their shares, including whether they may submit voting instructions by mail, telephone or over the internet.
References to “Transocean,” the “Company,” “we,” “us” or “our” include Transocean Ltd. together with its subsidiaries and predecessors, unless the context requires otherwise. References to “Board” or “Board of Directors” mean the Board of Directors of the Company. All dollar figures in this proxy statement are in U.S. dollars unless otherwise denoted.
Transocean 2026 P-4 Proxy Statement
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| | PROXY STATEMENT SUMMARY |
COMPANY OVERVIEW AND 2025 PERFORMANCE
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. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters.
Transocean’s fleet of 27 mobile offshore drilling units consists of 20 ultra-deepwater floaters and seven harsh environment floaters. The graphic below shows the global market presence of our operating fleet as of our Fleet Status Report issued on February 19, 2026.
With the offshore industry’s largest high-specification floating fleet, and a relentless focus on incident-free operations and superior well construction, we believe that we are best-positioned to support our customers in the delivery of their operational and business objectives, which will ultimately translate into superior returns for our shareholders.
In 2025, we achieved exceptional operational performance. Importantly, we delivered a company-best total recordable incident rate (“TRIR”) of 0.19, below our established objective of 0.20. We also delivered uptime of 97.7% across our global fleet of floaters that are focused on ultra-deepwater and harsh environment operations, which present the most challenging operational conditions.
We believe hydrocarbons will continue to be a critical source of energy for the foreseeable future. Many policy makers are prioritizing energy security, resulting in a diverse and resilient supply portfolio of energy, which we expect will support sustained, long-term demand for oil and natural gas.
Transocean 2026 P-5 Proxy Statement
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| PROXY STATEMENT SUMMARY | |
NOMINEES TO THE BOARD OF DIRECTORS
As the market leader in offshore drilling, Transocean has attracted and retained the most qualified Board of Directors and leadership team in the industry. The terms of all our current directors will expire at the 2026 Annual General Meeting. In recent years, we have added new members to our Board of Directors, each of whom contributes to the diversity of experience and background of our Board of Directors.
Each of our director nominees has a proven record of success and high integrity and is committed to advancing our shareholders’ interests and enhancing the Company’s environmental and safety objectives. During 2025, each of our current directors attended 100% of the Board of Directors’ meetings and meetings of committees on which he or she served.
Additional information regarding the director nominees for election is provided below and under Agenda Item 5.
Transocean 2026 P-6 Proxy Statement
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| | PROXY STATEMENT SUMMARY |
| | COO, Transocean Ltd. | | | | | | | | |
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| 2026 NOMINEES · · · · CURRENT COMMITTEES | |||||||||
| DIRECTORS FOR ELECTION · AGE(1) · DIRECTOR SINCE · INDEPENDENT · AUDIT · COMPENSATION · FINANCE · GOVERNANCE, SAFETY & ENVIRONMENT · OTHER CURRENT PUBLIC COMPANY BOARDS(1) | |||||||||
| Keelan I. AdamsonPresident and CEO, Transocean Ltd. | 56 | 2025 | | | | | | 0 | |
| Glyn A. BarkerFormer Vice Chair-U.K., PwC LLP | 72 | 2012 | ✓ | | 1 | ||||
| Vanessa C.L. ChangFormer Director and Shareholder of EL & EL Investments Ltd. | 73 | 2012 | ✓ | | 0 | ||||
| Frederico F. CuradoFormer President and CEO, Embraer S.A. | 64 | 2013 | ✓ | | 2 | ||||
| Chadwick C. DeatonFormer Executive Chair and CEO, Baker Hughes Incorporated | 73 | 2012 | ✓ | | | | 0 | ||
| Domenic J. “Nick” Dell’Osso, Jr. Former President and CEO, Expand Energy Corporation | 49 | 2023 | ✓ | | | 0 | |||
| Vincent J. IntrieriFounder and CEO, VDA Capital Management LLC | 69 | 2014 | ✓ | | 3 | ||||
| William F. “Bill” LaceyExecutive Vice President and CFO, Woodward Inc. | 56 | 2025 | ✓ | | | | 0 | ||
| Samuel J. MerksamerExecutive Director, Mubadala Capital | 45 | 2013 | ✓ | | | 0 | |||
| Frederik W. MohnOwner and Managing Director, Perestroika AS; former Director and Chair, Songa Offshore SE | 49 | 2018 | ✓ | | | 1 | |||
| Jeremy D. ThigpenExecutive Chair, Transocean Ltd. | 51 | 2015 | | | | | | 0 | |
| | MEETINGS IN 2025: BOARD: 4BOARD AND COMMITTEES: 24 | 8 | 4 | 4 | 4 | ||||
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| Committee Chair | | Committee Member | | Audit Committee financial expert (SEC and NYSE) | | | ✓ | Independent, as determined by the Board of Directors in accordance with applicable rules and regulations |
(1) As of March 4, 2026.
Transocean 2026 P-7 Proxy Statement
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| PROXY STATEMENT SUMMARY | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.