Transocean Ltd

On December 19, 2023, Keelan Adamson, President and Chief Operating Officer of the Company, adopted a Rule 10b5-1 trading arrangement (as such term is defined under Item 408(a) of Regulation S-K) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 211,308 shares of Transocean Ltd. (the “Plan”). Sales may not commence under the Plan until March 26, 2024 at the earliest and, for certain of the shares, only at specified market prices. Unless earlier terminated in accordance with the terms and conditions of the Plan, the Plan expires on December 19, 2024.

As part of Transocean’s continued focus on a succession planning strategy to support the Company’s long-term growth, on February 20, 2024, Transocean announced a transition of the role of Chief Financial Officer from Mr. Mark Mey to Mr. Thad Vayda. Mr. Mey will continue to serve as Chief Financial Officer of Transocean until the effective date of Mr. Vayda’s appointment, which will be determined at a later date and is expected to occur during the second quarter of 2024.

Mr. Vayda, age 61, has served as Senior Vice President of Corporate Finance and Treasurer of Transocean since February 2023. Prior to this role, he served as Vice President, Corporate Finance and Treasurer from August 2015 until February 2023, as Vice President, Investor Relations and Treasurer from July 2014 to August 2015, as Vice President, Investor Relations and Communications from March 2012 to June 2014 and as Vice President, Investor Relations from July 2011 to February 2012. Mr. Vayda initially joined Transocean in August 1995, working with the company until April 2000 in positions that included Director of Corporate Planning and Operational Division Engineer.

Between May 2000 and June 2011, Mr. Vayda worked primarily in energy-related equity capital markets roles, including at RBC Capital Markets and as Managing Director, Equity Research at Stifel, Nicolaus & Company where, as an equity analyst, he published strategic and financial assessments and opinions on energy and oilfield services and equipment companies. Earlier in his career, Mr. Vayda held various leadership positions at Northwest Airlines where he was responsible for managing financial yield in certain markets served by the airline and, separately, determining the company’s fleet asset strategy. Mr. Vayda started his professional career with Booz Allen Hamilton, Management Consultants.

Mr. Vayda earned a Masters in Business Administration from The Fuqua School of Business at Duke University, Durham, North Carolina in May 1992, and a Bachelor of Science degree in Engineering from The Catholic University of America at Washington, D.C. in May 1985.

The future appointment of Mr. Vayda is not pursuant to any agreement between him and any other person. There is no family relationship between Mr. Vayda and any director or executive officer of Transocean, and there are no transactions between Mr. Vayda and Transocean that are required to be reported under Item 404(a) of Regulation S-K. At this time, there are no changes to Mr. Vayda’s compensation arrangements with Transocean, and if any such changes are made in connection with his future appointment to the position of Chief Financial Officer, Transocean will describe such changes in a future current or periodic report, as applicable.

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