Transocean Chairman Announces Retirement Plans

MarineLink.com
Monday, May 13, 2013

Transocean Ltd. announced that J. Michael Talbert has advised the Board of Directors that, if reelected 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 shareholders."

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.

www.deepwater.com

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Rotterdam Integrates Safety Research with LNG Training Facility

The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines

Offshore Energy

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2743 sec (4 req/sec)