Transocean Ltd. Board Sets Agenda for 2012 Annual General Meeting of\r Shareholders
ZUG, SWITZERLAND, Feb 20, 2012 (MARKETWIRE via COMTEX) --Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that theBoard of Directors has determined the agenda for the 2012 AnnualGeneral Meeting of Shareholders. The Board of Directors isrecommending that the company's shareholders approve, among otheritems:
-- The re-election of Edward R. Muller and Tan Ek Kia as Class I Directors for three-year terms.-- The election of Glyn Barker as a Class I Director for a three-year term. Mr. Barker is the retired Vice Chairman-UK of PricewaterhouseCoopers (PwC) and has previously served in a variety of positions at PricewaterhouseCoopers, including UK Managing Partner, Global Leader of the PwC Private Equity Transaction Business and leading PwC's strategy and business development for the geographic areas of Europe, the Middle East, Africa and India. Mr. Barker is also a non-executive director of Berkeley Group Holdings plc and is Chairman Designate of the law firm Irwin Mitchell. He has significant international finance experience. This experience and the perspective it brings are expected to benefit the Board's decision making process.-- The election of Vanessa C.L. Chang as a Class I Director for a three-year term. Ms. Chang is a director and shareholder of EL & EL Investments, a privately-held real estate business, and is also a non-executive director of Edison International and its wholly owned subsidiary, Southern California Edison Company, six individual investment funds in the American Funds family, and Blue Shield of California. Her experience and background in diverse industries, along with her financial and accounting background, will enhance the Board's decision making process.-- The election of Chad Deaton as a Class I Director for a three-year term. Mr. Deaton is the Executive Chairman of Baker Hughes Incorporated, where he served as Chief Executive Officer until December 2011. Mr. Deaton is also a non-executive director of Air Products and Chemical and Ariel Corporation. He has significant experience in the oilfield services industry. This experience and the perspective it brings are expected to benefit the Board's decision making process.
The Board of Directors will not propose a dividend at the 2012 AnnualGeneral Meeting of Shareholders. The Board's decision for 2012 isbased upon the consideration of multiple factors relevant to thecompany's business in the context of its capital allocation strategy,which is to maintain a strong, flexible balance sheet and aninvestment grade rating on its debt; reinvest in the business throughvalue enhancing opportunities; and return any excess cash toshareholders. The Board will, consistent with historical practice andin accordance with applicable Swiss requirements, continue toevaluate the business and consider the return of excess cash toshareholders in the future.
The 2012 Annual General Meeting, which will open to shareholders ofrecord as of May 1, 2012, will be held at 4 p.m., CET, on May 18,2012, in Cham, Switzerland. Additional details on the meeting will beprovided to shareholders in the company's proxy statement.
Statements regarding the dividend as well as any other statementsthat are not historical facts are forward-looking statements thatinvolve certain risks, uncertainties and assumptions. These includebut are not limited to the number of shares outstanding at the timeof the payment of the dividend, exchange rates, actions by regulatoryauthorities, and other factors detailed in the company's most recentForm 10-K, Form 10-Q, and other filings with the Securities andExchange Commission (SEC), which are available free of charge on theSEC's website at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.
Transocean is a leading international provider of offshore contractdrilling services for oil and gas wells. Transocean owns or haspartial ownership interests in and operates a fleet of 133 mobileoffshore drilling units consisting of 50 High-Specification Floaters(Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersiblesand drillships), 25 Midwater Floaters, nine High-SpecificationJackups, 48 Standard Jackups and one swamp barge. In addition, wehave two Ultra-Deepwater Drillships and four High-SpecificationJackups under construction. Transocean's fleet specializes intechnically demanding sectors of the global offshore drillingbusiness with a particular focus on deepwater and harsh environmentdrilling services. We believe we operate one of the most versatilemobile offshore drilling fleets in the world.
For more information about Transocean, please visit the website atwww.deepwater.com.
SOURCE: Transocean Ltd.