Transocean Ltd. Shareholders Approve Dividend; J. Michael Talbert Named Chairman
ZUG, SWITZERLAND, May 13, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that its shareholders approved a dividend of approximately U.S. $1 billion at the 2011 Annual General Meeting held today at Cham, Switzerland. The dividend is to be paid out of additional paid-in capital, and a schedule for the first out of four dividend installments can be found under the "News" section on our home page at www.deepwater.com
In addition, the company's Board of Directors elected J. Michael Talbert as Chairman of the Board of Directors, replacing Robert E. Rose, who retired following the 2011 Annual General Meeting. Victor E. Grijalva also retired after the meeting.
"We appreciate our shareholders voting in today's Annual General Meeting," said Transocean Ltd. President and Chief Executive Officer Steven L. Newman. "We also welcome Mike Talbert as Board Chairman, a role he has served in before at Transocean. We thank Bob Rose for his 25 years of service to our company and for his outstanding leadership as Chairman of the Board. We also thank Victor Grijalva for his 11 years of valued service as a Director and prior Chairman of the Board."
Shareholders approved a number of other items at the meeting, including:
-- The election of Jagjeet S. Bindra and Steve Lucas as Class III Directors, each for a three-year term; the election of Tan Ek Kia as a Class I Director for a one year term; and the reelection of Martin B. McNamara and Ian C. Strachan as Class III Directors, each for a three year term. -- The rescission of the $1 billion distribution to shareholders in the form of a par value reduction as approved at the 2010 Annual General Meeting. -- The granting of Board authority to issue shares out of authorized share capital of Transocean Ltd. for a new two-year period. -- An advisory vote approving the compensation of the company's named executive officers, and a separate advisory vote providing that the above advisory vote should be held on an annual basis. -- The 2010 Annual Report including the consolidated financial statements for fiscal year 2010 and the statutory financial statements for fiscal year 2010.
The proposal to reduce the maximum number of members of the Board of Directors to 12 from 14 did not meet the required quorum and was not voted upon.
The proposal regarding the discharge of the members of the Board of Directors and executive management from liability for activities during fiscal year 2010 was not approved.
Statements regarding the distribution to shareholders, including timing, duration, source of funding, uses of cash, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the factors stated in the preceding paragraphs, operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission ("SEC"), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. There can be no assurance as to the amount of debt, if any, that will be retired under the program. Additional information regarding the distribution may be found in the company's most recent Form 10-Q, proxy statement and other filings made with the SEC.
Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 138 mobile offshore drilling units as well as three high-specification jackups under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 47 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 53 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.
For more information about Transocean, please visit our website at www.deepwater.com.
SOURCE: Transocean Ltd.