Transocean Ltd. Shareholders Approve Dividend; J. Michael Talbert\r Named Chairman
ZUG, SWITZERLAND, May 13, 2011 (MARKETWIRE via COMTEX) --
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that itsshareholders approved a dividend of approximately U.S. $1 billion atthe 2011 Annual General Meeting held today at Cham, Switzerland. Thedividend is to be paid out of additional paid-in capital, and aschedule for the first out of four dividend installments can be foundunder the \"News\" section on our home page at www.deepwater.com
In addition, the company's Board of Directors elected J. MichaelTalbert as Chairman of the Board of Directors, replacing Robert E.Rose, who retired following the 2011 Annual General Meeting. VictorE. Grijalva also retired after the meeting.
\"We appreciate our shareholders voting in today's Annual GeneralMeeting,\" said Transocean Ltd. President and Chief Executive OfficerSteven L. Newman. \"We also welcome Mike Talbert as Board Chairman, arole he has served in before at Transocean. We thank Bob Rose for his25 years of service to our company and for his outstanding leadershipas Chairman of the Board. We also thank Victor Grijalva for his 11years of valued service as a Director and prior Chairman of theBoard.\"
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 ofDirectors to 12 from 14 did not meet the required quorum and was notvoted upon.
The proposal regarding the discharge of the members of the Board ofDirectors and executive management from liability for activitiesduring fiscal year 2010 was not approved.
Statements regarding the distribution to shareholders, includingtiming, duration, source of funding, uses of cash, as well as anyother statements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to the factors stated in thepreceding paragraphs, operating hazards and delays, actions bycustomers and other third parties, the future price of oil and gas,the actual revenues earned and other factors detailed in thecompany's most recent Form 10-K, Form 10-Q and other filings with theSecurities and Exchange Commission (\"SEC\"), which are available freeof charge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose indicated. There can be no assurance as to the amount of debt,if any, that will be retired under the program. Additionalinformation regarding the distribution may be found in the company'smost recent Form 10-Q, proxy statement and other filings made withthe SEC.
Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 138 mobile offshore drilling units as well as threehigh-specification jackups under construction, Transocean's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. Transocean owns or operates a contract drillingfleet of 47 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 25 MidwaterFloaters, nine High-Specification Jackups, 53 Standard Jackups andother assets utilized in the support of offshore drilling activitiesworldwide.
For more information about Transocean, please visit our website atwww.deepwater.com.
SOURCE: Transocean Ltd.