Transocean Ltd. Shareholders Approve Proposals at Annual General Meeting
(Thomson Reuters ONE) -
Transocean Ltd. / Transocean Ltd. Shareholders Approve Proposals at Annual General Meeting processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - May 14, 2010) - Transocean Ltd. (NYSE:RIG
results of the 2010 Annual General Meeting held today in Zug. Shareholders
approved a number of matters, including the election of five directors, the
authorization of a distribution to shareholders in the form of a par value
reduction and several other matters.
Shareholders today re-elected four Class II directors, Thomas W. Cason, Robert
M. Sprague, J. Michael Talbert and John L. Whitmire, each for a three-year term.
Steven L. Newman was elected as a Class II director for a three-year term
following the resignation of Robert L. Long from the Board of Directors in
connection with his retirement.
Shareholders also authorized the Board of Directors to make a cash distribution
to shareholders in the form of a par value reduction in the aggregate amount of
3.44 Swiss francs ("CHF") equal to approximately USD 3.11 per issued share to be
calculated and paid in four quarterly installments. Based on the total number of
issued shares, including treasury shares, the distribution is approximately USD
1.0 billion. The quarterly capital reduction payments of CHF 0.86 per issued
share will be made in USD converted at the exchange rates prevailing
approximately two days prior to payment, unless a shareholder timely elects to
receive such payment in CHF. The Board of Directors expects to set the
respective payment dates of the four installments in July 2010, October 2010,
January 2011 and April 2011, or as soon after each of the four periods as is
practicable. The actual installment payments will be subject to the satisfaction
of applicable Swiss law requirements.
In addition, shareholders approved the following:
* Transocean Ltd. 2009 Annual Report, including the consolidated financial
statements, and statutory financial statements,
* Discharge of members of the Board of Directors and the executive officers of
Transocean Ltd. from liability for activities during fiscal year 2009, as is
customary for Swiss corporations,
* Appropriation of available earnings for fiscal year 2009 to be carried
forward in available earnings,
* Change of the place of incorporation of Transocean Ltd. from Zug, Canton of
Zug, Switzerland, to Steinhausen, Canton of Zug, Switzerland,
* Amendments to the Articles of Association to reflect The Swiss Federal Act
on Intermediated Securities, and
* Appointment of Ernst & Young LLP as Transocean Ltd.'s independent registered
public accounting firm for fiscal year 2010 and reelection of Ernst & Young
Ltd., Zurich as Transocean Ltd.'s auditor for a further one-year term.
The proposal to renew and extend the Board's authority to issue shares out of
the authorized share capital of Transocean Ltd for an additional two-year period
did not receive the required approval of at least two-thirds of the shares
represented at the meeting.
Statements regarding the distribution to shareholders, including timing,
duration, source of funding, uses of cash, termination of the program, and debt
reduction, as well as any other statements that are not historical facts, are
forward-looking statements that involve certain risks, uncertainties and
assumptions. These include but are not limited to the factors stated in the
preceding paragraphs, the company's decision to retain cash, reduce debt, make
capital investments or otherwise use cash for general corporate purposes,
operating hazards and delays, actions by customers and other third parties, the
future price of oil and gas, the actual revenues earned and other factors
detailed in the company's most recent Form 10-K, Form 10-Q and other filings
with the Securities and Exchange Commission ("SEC"), which are available free of
charge on the SEC's website atwww.sec.gov
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
indicated. There can be no assurance as to the amount of debt, if any, that will
be retired under the program. Additional information regarding the distribution
may be found in the company's most recent Form 10-Q, proxy statement and other
filings made with the SEC.
Transocean is the world's largest offshore drilling contractor and the leading
provider of drilling management services worldwide. With a fleet of 139 mobile
offshore drilling units plus three ultra-deepwater units under construction, the
company'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. Its worldwide fleet is more than twice the size of the next-largest
competitor. The company owns or operates a contract drilling fleet of 45
High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment
semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification
Jackups, 55 Standard Jackups and other assets utilized in the support of
offshore drilling activities worldwide.
For more information about Transocean, please visit our website
atwww.deepwater.com
Analyst Contact:
Amy L. Roddy
+1 713-232-7096
Media Contact:
Guy A. Cantwell
+1 713-232-7647
[HUG#1415985]
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
Unternehmensinformation / Kurzprofil:
Datum: 14.05.2010 - 18:16 Uhr
Sprache: Deutsch
News-ID 20925
Anzahl Zeichen: 0
contact information:
Town:
Vernier
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 320 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Transocean Ltd. Shareholders Approve Proposals at Annual General Meeting"
steht unter der journalistisch-redaktionellen Verantwortung von
Transocean Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
