Transocean Okays Dividend, Names New Chairman
Transocean Ltd. announced that its shareholders approved a dividend of approximately U.S. $1 billion at the 2011 Annual General Meeting held Friday at Cham, Switzerland. The dividend is to be paid out of additional paid-in capital, and a schedule for the first out of four dividend installments can be found under the "News" section on our home page at www.deepwater.com.
In addition, the company's Board of Directors elected J. Michael Talbert as Chairman of the Board of Directors, replacing Robert E. Rose, who retired following the 2011 Annual General Meeting. Victor E. Grijalva also retired after the meeting.
"We appreciate our shareholders voting in today's Annual General Meeting," said Transocean Ltd. President and Chief Executive Officer Steven L. Newman. "We also welcome Mike Talbert as Board Chairman, a role he has served in before at Transocean. We thank Bob Rose for his 25 years of service to our company and for his outstanding leadership as Chairman of the Board. We also thank Victor Grijalva for his 11 years of valued service as a Director and prior Chairman of the Board."
Shareholders approved a number of other items at the meeting, including:
-- The election of Jagjeet S. Bindra and Steve Lucas as Class III Directors, each for a three-year term; the election of Tan Ek Kia as a Class I Director for a one year term; and the reelection of Martin B. McNamara and Ian C. Strachan as Class III Directors, each for a three year term. -- The rescission of the $1 billion distribution to shareholders in the form of a par value reduction as approved at the 2010 Annual General Meeting. -- The granting of Board authority to issue shares out of authorized share capital of Transocean Ltd. for a new two-year period. -- An advisory vote approving the compensation of the company's named executive officers, and a separate advisory vote providing that the above advisory vote should be held on an annual basis. -- The 2010 Annual Report including the consolidated financial statements for fiscal year 2010 and the statutory financial statements for fiscal year 2010.
The proposal to reduce the maximum number of members of the Board of Directors to 12 from 14 did not meet the required quorum and was not voted upon.
The proposal regarding the discharge of the members of the Board of Directors and executive management from liability for activities during fiscal year 2010 was not approved.
Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 138 mobile offshore drilling units as well as three high-specification jackups under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 47 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 53 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.