Transocean (RIG) Proxy filing summary

Executive summary

• Entered a $1 billion+ agreement with Equinor for three harsh environment semisubmersible rigs on the Norwegian shelf, spanning seven rig years with effective day rates exceeding $400,000 per day at commencement.

• Programs for the rigs are set to begin in 2027 and 2028, continuing current operations or following mobilization.

• Announced ongoing business combination with Valaris Limited, with regulatory and shareholder approvals pending and expected completion in the second half of 2026.

• Forward-looking statements highlight risks related to transaction completion, regulatory approvals, integration, and market conditions.

Voting matters and shareholder proposals

• Shareholder approval is required for the proposed business combination with Valaris, with a joint proxy statement to be disseminated.

Board of directors and corporate governance

• Directors and executive officers of both companies are participants in the proxy solicitation for the business combination.

• Information on directors and executive officers is available in recent annual reports and proxy statements.