Transocean's Chairman Designate 2015 Named
Transocean Ltd. informs that at its recent Extraordinary General Meeting Merrill A. "Pete" Miller, Jr. was nominated as a director and the Board intends to designate him as vice-chairman, with the expectation that he will succeed present chairman Ian C. Strachan in due course.
Ian C. Strachan, the current Chairman of the Board, will reach 72 years of age before the 2015 AGM. As previously announced, and in accordance with the company's Corporate Governance Guidelines, it is anticipated that Mr. Strachan will retire from the Board at the end of his term at the 2015 AGM. The Board currently expects to recommend that shareholders elect Mr. Miller as Chairman at the 2015 AGM.
At this meeting shareholders also approved the Board's proposal to reduce the maximum number of directors to 11 from 14. As a temporary exception, a maximum number of 12 members is permitted to allow Mr. Miller and the existing directors to serve until the end of the 2015 AGM, when their full term of office expires.
Transocean owns or has partial ownership interests in, and operates a fleet of, 79 mobile offshore drilling units consisting of 48 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 21 midwater floaters and 10 high-specification jackups. In addition, the company has seven ultra-deepwater drillships and five high-specification jackups under construction.