Transocean Ltd. Announces 2016 Annual General Meeting
OREANDA-NEWS. Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced that its Board of Directors (the "Board") has recommended certain proposals for approval at the 2016 Annual General Meeting of Shareholders (the "AGM"). The AGM, open to shareholders of record as of April 25, 2016, will be held at 5 p.m. CET, on May 12, 2016, in Cham, Switzerland. Additional details on the AGM will be provided in the company's proxy statement.
Transocean's Board recommends that shareholders approve, among other items:
- The re-election of Glyn A. Barker, Vanessa C.L. Chang, Frederico F. Curado, Chadwick C. Deaton, Vincent J. Intrieri, Martin B. McNamara, Samuel J. Merksamer, Merrill A. "Pete" Miller, Jr., Edward R. Muller, Tan Ek Kia and Jeremy D. Thigpen, as members of the Board, each for a term extending until completion of the 2017 AGM;
- The election of Merrill A. "Pete" Miller, Jr. as Chairman of the Board for a term extending until completion of the 2017 AGM;
- The election of Frederico F. Curado, Vincent J. Intrieri, Martin B. McNamara and Tan Ek Kia as members of the Board's Compensation Committee, each for a term extending until completion of the 2017 AGM;
- The discharge of the members of the Board and executive management team from liability for activities during fiscal year 2015;
- The renewal of the Board's authority to issue shares out of the company's authorized share capital, corresponding to approximately 6% of the company's currently registered share capital, for a two-year period;
- The compensation of the company's Named Executive Officers for fiscal year 2015 pursuant to U.S. securities laws; and
- The maximum aggregate amount of compensation of (i) the Board for the period between the 2016 AGM and the 2017 AGM; and (ii) the company's executive management team for fiscal year 2017 pursuant to Swiss law and the company's Articles of Association.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates a fleet of, 61 mobile offshore drilling units consisting of 28 ultra-deepwater floaters, seven harsh-environment semisubmersibles, five deepwater semisubmersibles, 11 midwater semisubmersibles, and 10 high-specification jackups. In addition, the company has six ultra-deepwater drillships and five high-specification jackups under construction.