2013-05-13 06:15:02 -
Transocean Ltd. /
J. Michael Talbert Announces Plans for Retirement From Transocean's Board of
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ZUG, SWITZERLAND--(Marketwired - May 13, 2013) - Transocean Ltd. (NYSE: RIG)
(SIX: RIGN) today announced that J. Michael Talbert has advised the Board of
Directors that, if re-elected at the company's upcoming Annual General Meeting
("AGM") on May 17, he will retire from the Board no later than the company's
2014 AGM. To facilitate an orderly transition of leadership, should Mr. Talbert
be elected by the Board as Chairman following the upcoming AGM, he will step
down as Chairman no later than the Board's November 2013 meeting, at which time
a new, independent Chairman will
be announced. Mr. Talbert, formerly CEO of
Transocean from 1994 to 2002, has served on the Board of Directors since 1994.
Mr. Talbert said, "I am honored to have served Transocean, and to have done so
as a member of a very knowledgeable and experienced Board of Directors. During
my 20 years at Transocean, I have worked diligently to represent the best
interests of all of our stakeholders. In this spirit, and after consultations
with our shareholders, I have decided to retire from the Board on a timetable
that will allow the Board to carefully select a new chairman who will help guide
the company in the creation of sustainable, superior value for all
The Board of Directors issued the following statement:
On behalf of the Board, our shareholders, employees and other stakeholders, we
would like to thank Mike for his many years of service to the company, including
eight years as CEO and three terms as Chairman, and we look forward to
continuing to work with him until his retirement. In conjunction with the Board
and management, Mike had the vision to transform Transocean into the world's
leading offshore driller with the most capable fleet in the industry. In
addition, he helped shepherd the company through the extraordinarily challenging
period following the Macondo incident and was, and continues to be, instrumental
in guiding management in the creation and implementation of key operational
initiatives that are positively impacting the company's performance. His
contribution to the Board will be sorely missed.
"Mike's deep industry and company knowledge, thorough understanding of the value
we provide our customers and consistent, strong leadership have played a very
important role in making Transocean the company it is today," said Steven
Newman, CEO of Transocean. "I want to personally thank him for his mentorship,
counsel and guidance, particularly during the difficult period following the
Macondo incident, and I look forward to continuing to benefit from his
leadership until his retirement."
The company's Corporate Governance Committee intends to promptly commence a
process to identify a candidate to fill the vacancy resulting from Mr. Talbert's
retirement from the Board. As it conducts this process, the Committee will take
into consideration the views of the company's shareholders. This process will be
consistent with Transocean's historical focus on regularly infusing fresh
perspectives into an experienced and knowledgeable Board as evidenced by the
fact that, if elected, current Board nominee Frederico Curado will be the
seventh independent Director to be added to the Board during the past two
years. Among other characteristics, the Committee will seek a clearly
independent candidate with the relevant skills, character, diverse background
and global experience to enhance the Board's decision-making process and to
further its objective of creating value for shareholders.
Forward Looking Statements
Statements included in this press release, including, but not limited to, those
regarding the proposed dividend, the company's capital allocation strategy,
value-creating objectives and sustainability of potential future distributions,
that are not historical facts, are forward-looking statements that involve
certain assumptions and uncertainties. These statements are based on currently
available competitive, financial, and economic data along with our current
operating plans and involve risks and uncertainties including, but not limited
to, shareholder approval, market conditions, Transocean's results of operations,
the effect and results of litigation, assessments and contingencies, and other
factors detailed in "Risk Factors" in the company's most recently filed Annual
Report on Form 10-K and Quarterly Report for the first quarter of 2013 filed on
Form 10-Q, and elsewhere in Transocean's filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize (or the other consequences of such a development worsen), or should
underlying assumptions prove incorrect, actual outcomes may vary materially from
those expressed or implied by such forward-looking statements. Transocean
disclaims any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an
offer to buy, any securities, and it does not constitute an offering prospectus
within the meaning of article 652a or article 1156 of the Swiss Code of
Obligations or a listing prospectus within the meaning of the listing rules of
the SIX Swiss Exchange. Investors must rely on their own evaluation of
Transocean Ltd. and its securities, including the merits and risks involved.
Nothing contained herein is, or shall be relied on as, a promise or
representation as to the future performance of Transocean Ltd.
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,
83 mobile offshore drilling units consisting of 48 High-Specification Floaters
(Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater
Floaters and 10 High-Specification Jackups. In addition, we have six Ultra-
Deepwater Drillships and two High-Specification Jackups under construction.
For more information about Transocean, please visit www.deepwater.com.
Guy A. Cantwell
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Source: Transocean Ltd. via Thomson Reuters ONE