Transocean Proxy Statement and 2010 Annual Report

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TRANSOCEAN LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) AR-74 December 31, 2010 2009 Assets Cash and cash equivalents $ 3,394 $ 1,130 Accounts receivable, net Trade 1,811 2,330 Other 189 55 Materials and supplies, net 517 462 Deferred income taxes, net 115 104 Assets held for sale — 186 Other current assets 169 209 Total current assets 6,195 4,476 Property and equipment 27,007 27,383 Property and equipment of consolidated variable interest entities 2,214 1,968 Less accumulated depreciation 7,763 6,333 Property and equipment, net 21,458 23,018 Goodwill 8,132 8,134 Other assets 1,026 808 Total assets $ 36,811 $ 36,436 Liabilities and equity Accounts payable $ 847 $ 780 Accrued income taxes 116 240 Debt due within one year 1,917 1,568 Debt of consolidated variable interest entities due within one year 95 300 Other current liabilities 861 730 Total current liabilities 3,836 3,618 Long-term debt 8,354 8,966 Long-term debt of consolidated variable interest entities 855 883 Deferred income taxes, net 594 726 Other long-term liabilities 1,772 1,684 Total long-term liabilities 11,575 12,259 Commitments and contingencies Redeemable noncontrolling interest 25 — Shares, CHF 15.00 par value, 335,235,298 authorized, 167,617,649 conditionally authorized, 335,235,298 issued and 319,080,678 outstanding at December 31, 2010; and 502,852,947 authorized, 167,617,649 conditionally authorized, 335,235,298 issued and 321,223,882 outstanding at December 31, 2009 4,482 4,472 Additional paid-in capital 7,504 7,407 Treasury shares, at cost, 2,863,267 and none held at December 31, 2010 and 2009, respectively (240 ) — Retained earnings 9,969 9,008 Accumulated other comprehensive loss (332 ) (335 ) Total controlling interest shareholders’ equity 21,383 20,552 Noncontrolling interest (8 ) 7 Total equity 21,375 20,559 Total liabilities and equity $ 36,811 $ 36,436 See accompanying notes.
TRANSOCEAN LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (In millions) Years ended December 31, Years ended December 31, 2010 2009 2008 2010 2009 2008 Shares Shares Amount Balance, beginning of period 321 319 317 $ 4,472 $ 4,444 $ 3 Issuance of shares under share-based compensation plans 1 2 2 10 28 — Purchases of shares held in treasury (3 ) — — — — — Cancellation of shares for redomestication — — (317 ) — — (3 ) Issuance of shares for redomestication — — 317 — — 4,444 Balance, end of period 319 321 319 $ 4,482 $ 4,472 $ 4,444 Additional paid-in capital Balance, beginning of period $ 7,407 $ 7,313 $ 11,619 Share-based compensation expense 102 81 64 Issuance of shares under share-based compensation plans (11 ) 7 62 Repurchases of convertible senior notes 14 22 — Redomestication — — (4,441 ) Changes in ownership of noncontrolling interest and other, net (8 ) (16 ) 9 Balance, end of period $ 7,504 $ 7,407 $ 7,313 Treasury shares, at cost Balance, beginning of period $ — $ — $ — Purchases of shares held in treasury (240 ) — — Balance, end of period $ (240 ) $ — $ — Retained earnings Balance, beginning of period $ 9,008 $ 5,827 $ 1,796 Net income attributable to controlling interest 961 3,181 4,031 Balance, end of period Accumulated other comprehensive loss $ 9,969 $ 9,008 $ 5,827 Balance, beginning of period $ (335 ) $ (420 ) $ (42 ) Other comprehensive income (loss) attributable to controlling interest 3 85 (378 ) Balance, end of period $ (332 ) $ (335 ) $ (420 ) Total controlling interest shareholders’ equity Balance, beginning of period $ 20,552 $ 17,164 $ 13,376 Total comprehensive income attributable to controlling interest 964 3,266 3,653 Share-based compensation expense 102 81 64 Issuance of shares under share-based compensation plans (1 ) 35 62 Purchases of shares held in treasury (240 ) — — Repurchases of convertible senior notes 14 22 — Changes in ownership of noncontrolling interest and other, net (8 ) (16 ) 9 Balance, end of period $ 21,383 $ 20,552 $ 17,164 Noncontrolling interest Balance, beginning of period $ 7 $ 3 $ 5 Total comprehensive income (loss) attributable to noncontrolling interest 7 (6 ) (2 ) Reclassification of redeemable noncontrolling interest (26 ) — — Changes in ownership of noncontrolling interest and other, net 4 10 — Balance, end of period $ (8 ) $ 7 $ 3 Total equity Balance, beginning of period $ 20,559 $ 17,167 $ 13,381 Total comprehensive income 971 3,260 3,651 Share-based compensation expense 102 81 64 Issuance of shares under share-based compensation plans (1 ) 35 62 Purchases of shares held in treasury (240 ) — — Repurchases of convertible senior notes 14 22 — Reclassification of redeemable noncontrolling interest and other, net (30 ) (6 ) 9 Balance, end of period $ 21,375 $ 20,559 $ 17,167 See accompanying notes. AR-75
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Transocean Proxy Statement and 2010
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2010 LETTER TO THE SHAREHOLDERS We
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In addition to a focus on meeting o
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Agenda Items INVITATION TO ANNUAL G
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(9) Election of Three New Directors
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We may accept a proxy by any form o
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PROXY STATEMENT FOR ANNUAL GENERAL
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of the dividend reserve from capita
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You may revoke your proxy card at a
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AGENDA ITEM 2. Discharge of the Mem
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AGENDA ITEM 4. Reallocation of Free
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AGENDA ITEM 6. Conditional Agenda I
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Proposal of the Board of Directors
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AGENDA ITEM 8. Reduction of the Max
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Nominees for Director—Class III
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November 2007. Since August 2008, M
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The Board of Directors has conclude
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e disclosed and not whether a parti
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Submit nominations to our Corporate
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The Executive Compensation Committe
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Committee is ‘‘financially lite
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AUDIT COMMITTEE REPORT The Audit Co
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SECURITY OWNERSHIP OF DIRECTORS AND
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As a direct consequence of the Maco
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Executive Compensation Program—Gu
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$100,000. Accordingly, neither Long
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Element Targeted Position Comments
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In February 2010, the Committee rev
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Safety Performance. Our business in
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Timing of the system roll out compr
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total target value for stock option
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Executive Compensation Program—He
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Perquisites and Other Personal Bene
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• a cash severance benefit equal
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Summary Compensation Table EXECUTIV
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(17) In 2010, Mr. Toma’s base pay
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Outstanding Equity Awards at Fiscal
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Option Exercises and Shares Vested
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offset to allow for the fact that h
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Contributions are based on a partic
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(3) The terms and conditions of the
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(1) Based on the target (100%) payo
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Mr. Newman Mr. Rosa Mr. Brown Mr. B
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AGENDA ITEM 10 Appointment of Ernst
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Proposal AGENDA ITEM 11. Advisory V
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OTHER MATTERS Compensation Committe
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Annexes P-81
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(2) Shareholders may, upon the term
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3 Der Verwaltungsrat ist ermächtig
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Annex C Amended Article 22 of the A
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TRANSOCEAN LTD. AND SUBSIDIARIES IN
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Item 1. Business PART I Overview Tr
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Jackup rigs are mobile self-elevati
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Midwater Floaters The following tab
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Markets Our operations are geograph
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Integrated Services From time to ti
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Item 1A. Risk Factors Risks related
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Our business depends on the level o
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events” above. Our inability to r
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The application of the Working Time
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We are subject to litigation that,
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Page 129 and 130: Item 2. Properties The description
Page 131 and 132: LDEQ would not rescind the enforcem
Page 133 and 134: Patent litigation—In 2007, severa
Page 135 and 136: Executive Officers of the Registran
Page 137 and 138: PART II Item 5. Market for Registra
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Page 141 and 142: Item 6. Selected Financial Data The
Page 143 and 144: payment of $453 million. In connect
Page 145 and 146: Midwater Floaters—For our Midwate
Page 147 and 148: Fleet average daily revenue—The f
Page 149 and 150: services operations and (d) approxi
Page 151 and 152: Depreciation, depletion and amortiz
Page 153 and 154: AR-49 Years ended December 31, 2010
Page 155 and 156: During the year ended December 31,
Page 157 and 158: applicable margin, ranging from 3.1
Page 159 and 160: Contractual obligations—As of Dec
Page 161 and 162: Plan assets—We review our investm
Page 163 and 164: Ports and Waterways Safety Act, the
Page 165 and 166: such U.S. business. In November 200
Page 167 and 168: Related Party Transactions Pacific
Page 169 and 170: and the long-term impact of those u
Page 171 and 172: in partial exposure to foreign exch
Page 173 and 174: REPORT OF INDEPENDENT REGISTERED PU
Page 175 and 176: To the General Meeting of Transocea
Page 177: TRANSOCEAN LTD. AND SUBSIDIARIES CO
Page 181 and 182: TRANSOCEAN LTD. AND SUBSIDIARIES NO
Page 201 and 202: Note 13—Postemployment Benefit Pl
Page 225 and 226: PART III Item 10. Directors, Execut
Page 227 and 228: (3) Exhibits The following exhibits
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4.26 Third Supplemental Indenture,
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* 10.36 GlobalSantaFe Corporation 2
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SIGNATURES Pursuant to the requirem
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TRANSOCEAN LTD. STATUTORY FINANCIAL
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TRANSOCEAN LTD. STATEMENT OF OPERAT
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Note 1—General TRANSOCEAN LTD. NO
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TRANSOCEAN LTD. NOTES TO STATUTORY
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Note 7—Board of Directors Compens
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As of December 31, 2009 Name TRANSO
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As of December 31, 2009 TRANSOCEAN
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provided, however, that: TRANSOCEAN
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Transocean is a leading internation
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Under the terms and conditions cont
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As of December 31, 2010, December 3
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3. Board of Directors 3.1/ The memb
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Corporation during 1994 and 1995 an
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� Members of Executive Management
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Long-Term Incentive Plan The annual
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Pension Benefits for Fiscal Year 20
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Our Articles of Association further
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7. Mandatory Offer Requirement / Ch
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Annex 1 Subsidiaries of Transocean
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Name Jurisdiction Registered Office
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Name Jurisdiction Registered Office
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Board Of Directors Robert E. Rose C
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