On this page of StockholderLetter.com we present the latest annual shareholder letter from Transocean Ltd. — ticker symbol RIG. Reading current and past RIG letters to shareholders can bring important insights into the investment thesis.

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RIG Shareholder/Stockholder Letter Transcript:

TRANSOCEAN LTD.
COMPENSATION REPORT
For the years ended December 31, 2024 and 2023

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Ernst & Young AG
Maagplatz 1
P.O. Box
CH-8010 Zurich
Phone: +41 58 286 31 11
www.ey.com/en_ch
To the General Meeting of
Transocean Ltd., Steinhausen
Zurich, March 21, 2025
Report of the statutory auditor on the audit of the compensation report
Opinion
We have audited the compensation report of Transocean Ltd. (the Company) for the year ended December 31, 2024. The
audit was limited to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) on pages CR-3 to CR-8
of the compensation report.
In our opinion, the information pursuant to Art. 734a-734f CO in the accompanying compensation report complies with Swiss
law and the Company   s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under
those provisions and standards are further described in the    Auditor   s responsibilities for the audit of the compensation report   
section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the
requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in
the annual report, but does not include pages CR-3 to CR-8 in the compensation report, the consolidated financial statements,
the stand-alone financial statements and our auditor   s reports thereon. The annual report is expected to be made available
to us after the date of this auditor   s report.
Our opinion on the compensation report does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the audited financial information in the compensation
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
Board of Directors    responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a compensation report in accordance with the provisions of Swiss
law and the Company's articles of incorporation, and for such internal control as the Board of Directors determines is
necessary to enable the preparation of a compensation report that is free from material misstatement, whether due to fraud
or error. It is also responsible for designing the compensation system and defining individual compensation packages.
Auditor's responsibilities for the audit of the compensation report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from
material misstatement, whether due to fraud or error, and to issue an auditor   s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and
SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of this compensation report.
CR-1



 4/1/2025 Letter Continued (Full PDF)