Transocean Agrees US$3.0 Dividend

By George Backwell
Monday, May 19, 2014
Image courtesy of Transocean

Shareholders have approved a dividend of $3.00 per share (or approximately $1.1 billion in the aggregate (based upon the number of currently outstanding shares), out of additional paid-in capital and most other proposals at the 2014 Annual General Meeting, inform Transocean.

The Board expects that the dividend will be payable in four quarterly installments set for June 2014, September 2014, December 2014 and March 2015.

In addition, shareholders elected all director nominees and all compensation committee nominees, and confirmed Ian C. Strachan as Chairman of the Board of Directors.

Shareholders also approved a number of other items at the meeting, including:

  • The Board's authority to issue shares out of authorized share capital for a new two-year period.  This authority is limited to approximately six percent of the company's currently issued share capital.
  • An advisory say-on-pay vote approving the compensation of the company's named executive officers.
  • All amendments to the company's articles of association proposed by the Board to implement the Minder Ordinance.
  • To discharge the members of the Board of Directors and executive management from liability for activities during fiscal year 2013.

About the Company
Transocean owns or has partial ownership interests in, and operates a fleet of, 78 mobile offshore drilling units consisting of 46 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 21 midwater floaters and 11 high-specification jackups. In addition, the company has nine ultra-deepwater drillships and five high-specification jackups under construction.

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