Transocean Ltd. Shareholders Approve Dividend; J. Michael Talbert Named Chairman
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Transocean Ltd. /
Transocean Ltd. Shareholders Approve Dividend; J. Michael Talbert Named Chairman
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ZUG, SWITZERLAND--(Marketwire - May 13, 2011) - Transocean Ltd. (NYSE:RIG) (SIX:
RIGN) announced that its shareholders approved a dividend of approximately U.S.
$1 billion at the 2011 Annual General Meeting held today 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.
Forward-Looking Statements
Statements regarding the distribution to shareholders, including timing,
duration, source of funding, uses of cash, 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, 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 at
www.sec.gov. Should one or 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.
About Transocean
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.
For more information about Transocean, please visit our website at
www.deepwater.com.
Analyst Contact:
Gregory S. Panagos
713-232-7551
Media Contact:
Guy A. Cantwell
713-232-7647
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
[HUG#1515969]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2011 - 19:52 Uhr
Sprache: Deutsch
News-ID 54669
Anzahl Zeichen: 6125
contact information:
Town:
Vernier
Kategorie:
Business News
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