TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07. Submission of Matters to a Vote of Security Holders.
At the Company’s 2017 Annual General Meeting of Shareholders held on May11, 2017, the Company’s shareholders voted on, among other matters, a proposal regarding the frequency of holding advisory votes on executive compensation. As previously reported in the Original Report, the shareholders approvedan advisory vote to hold an advisory vote on executive compensation once every year for the Company’s named executive officers.
In light of these results, the Company’s Board of Directors determined at a meeting held on August11, 2017, that the Company will hold an advisory vote on executive compensation once every year until the next required vote on the frequency of shareholder votes on compensation of executives of the Company,which in accordance with applicable law, will occur no later than the Company’s annual general meeting of shareholders in 2023.
About TRANSOCEAN LTD. (NYSE:RIG) Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. Its mobile offshore drilling fleet consists of floaters and high-specification jackups used in support of offshore drilling activities and offshore support services across the world. The Company owns or has partial ownership interests in and operates over 60 mobile offshore drilling , including approximately 30 ultra‑deepwater floaters, over seven harsh environment floaters, over five deepwater floaters, over 10 midwater floaters and approximately 10 high-specification jackups.