Transocean Proxy Statement and 2010 Annual Report

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TRANSOCEAN LTD. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued Funded status—The changes in projected benefit obligation, plan assets and funded status and the amounts recognized on our consolidated balance sheets were as follows (in millions): Change in projected benefit obligation U.S. Plans Year ended December 31, 2010 Year ended December 31, 2009 Non-U.S. Plans AR-98 OPEB Plans Total U.S. Plans Non-U.S. Plans OPEB Plans Total Projected benefit obligation, beginning of period $ 932 $ 403 $ 54 $ 1,389 $ 900 $ 250 $ 64 $ 1,214 Plan amendments — — — — — — 5 5 Actuarial (gains) losses, net 89 (46) 2 45 (31) 86 (16) 39 Service cost 42 20 1 63 44 18 1 63 Interest cost 54 20 3 77 50 17 3 70 Foreign currency exchange rate — (13) — (13) — 40 — 40 Benefits paid (51 ) (14) (5) (70) (32) (11) (4) (47) Participant contributions — 2 1 3 — 2 1 3 Special termination benefits 3 — — 3 — — — — Settlements and curtailments (1 ) 2 — 1 1 1 — 2 Projected benefit obligation, end of period $ 1,068 $ 374 $ 56 $ 1,498 $ 932 $ 403 $ 54 $ 1,389 Change in plan assets Fair value of plan assets, beginning of period $ 594 $ 281 $ — $ 875 $ 455 $ 208 $ — $ 663 Actual return on plan assets 85 29 — 114 121 31 — 152 Foreign currency exchange rate changes — (11) — (11) — 31 — 31 Employer contributions 69 45 4 118 50 20 3 73 Participant contributions — 2 1 3 — 2 1 3 Benefits paid (51 ) (14) (5) (70) (32) (11) (4) (47) Fair value of plan assets, end of period $ 697 $ 332 $ — $ 1,029 $ 594 $ 281 $ — $ 875 Funded status, end of period $ (371 ) $ (42) $ (56) $ (469) $ (338) $ (122) $ (54) $ (514) Balance sheet classification, end of period: Pension asset, non-current $ — $ (8) $ — $ (8) $ — $ — $ — $ — Accrued pension liability, current 3 2 4 9 5 2 3 10 Accrued pension liability, non-current 368 48 52 468 333 120 51 504 Accumulated other comprehensive income (loss) (a) (308 ) (61) (2) (371) (264) (117) 2 (379) ______________________________ (a) Amounts are before income tax effect. The aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets were as follows (in millions): U.S. Plans December 31, 2010 December 31, 2009 Non-U.S. Plans OPEB Plans Total U.S. Plans Non-U.S. Plans OPEB Plans Total Projected benefit obligation $ 1,068 $ 290 $ 56 $ 1,414 $ 932 $ 403 $ 54 $ 1,389 Fair value of plan assets 697 248 — 945 594 281 — 875 The accumulated benefit obligation for all defined benefit pension plans was $1.3 billion and $1.1 billion at December 31, 2010 and 2009, respectively. The aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets were as follows (in millions): U.S. Plans December 31, 2010 December 31, 2009 Non-U.S. Plans OPEB Plans Total U.S. Plans Non-U.S. Plans OPEB Plans Total Accumulated benefit obligation $ 921 $ 269 $ 56 $ 1,246 $ 789 $ 344 $ 54 $ 1,187 Fair value of plan assets 697 248 — 945 594 281 — 875
TRANSOCEAN LTD. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued Plan assets—We periodically review our investment policies, plan assets and asset allocation strategies to evaluate performance relative to specified objectives. In determining our asset allocation strategies for the U.S. Plans, we review the results of regression models to assess the most appropriate target allocation for each plan, given the plan’s status, demographics and duration. For the U.K. Plans, the plan trustees establish the asset allocation strategies consistent with the regulations of the U.K. pension regulators and in consultation with financial advisors and company representatives. Investment managers for the U.S. Plans and the U.K. Plan are given established ranges within which the investments may deviate from the target allocations. For the Norway Plans, we establish minimum returns under the terms of investment contracts with insurance companies. As of December 31, 2010 and 2009, the weighted-average target and actual allocations of the investments for our funded Transocean Plans were as follows: Actual allocation at December 31, Target allocation 2010 2009 U.S. Non-U.S. U.S. Non-U.S. U.S. Plans Plans Plans Plans Plans Equity securities 65 % 52 % 65 % 53 % 72 % 57 % Fixed income securities 35 % 15 % 34 % 10 % 27 % 11 % Other investments — % 33 % 1 % 37 % 1 % 32 % Total 100 % 100 % 100 % 100 % 100 % 100 % As of December 31, 2010, the investments for our funded Transocean Plans were categorized as follows (in millions): U.S. Plans Quoted prices in active markets for identical assets Non-U.S. Plans Transocean Plans AR-99 U.S. Plans December 31, 2010 Significant other observable inputs Total Non-U.S. Plans Transocean Plans U.S. Plans Non-U.S. Plans Non-U.S. Plans Transocean Plans Equity securities: U.S. $ 359 $ — $ 359 $ — $ 28 $ 28 $ 359 $ 28 $ 387 Non-U.S. 91 — 91 2 148 150 93 148 241 Total equity securities 450 — 450 2 176 178 452 176 628 Fixed income securities: U.S. government 59 — 59 — — — 59 — 59 U.S. corporate 175 — 175 — — — 175 — 175 Non-U.S. government — — — — 34 34 — 34 34 Non-U.S. 7 — 7 — — — 7 — 7 Total fixed income securities 241 — 241 — 34 34 241 34 275 Other investments: Cash 4 31 35 — — — 4 31 35 Property — — — — 7 7 — 7 7 Investment contracts — — — — 84 84 — 84 84 Total other investments 4 31 35 — 91 91 4 122 126 Total investments $ 695 $ 31 $ 726 $ 2 $ 301 $ 303 $ 697 $ 332 $ 1,029
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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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these tests, “passive income” i
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Item 2. Properties The description
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LDEQ would not rescind the enforcem
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Patent litigation—In 2007, severa
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Executive Officers of the Registran
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PART II Item 5. Market for Registra
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the “virtual second trading line
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Item 6. Selected Financial Data The
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payment of $453 million. In connect
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Midwater Floaters—For our Midwate
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Fleet average daily revenue—The f
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services operations and (d) approxi
Page 151 and 152: Depreciation, depletion and amortiz
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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
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Page 181 and 182: TRANSOCEAN LTD. AND SUBSIDIARIES NO
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Page 227 and 228: (3) Exhibits The following exhibits
Page 229 and 230: 4.26 Third Supplemental Indenture,
Page 231 and 232: * 10.36 GlobalSantaFe Corporation 2
Page 233 and 234: SIGNATURES Pursuant to the requirem
Page 235: TRANSOCEAN LTD. STATUTORY FINANCIAL
Page 238 and 239: TRANSOCEAN LTD. STATEMENT OF OPERAT
Page 240 and 241: Note 1—General TRANSOCEAN LTD. NO
Page 242 and 243: TRANSOCEAN LTD. NOTES TO STATUTORY
Page 244 and 245: Note 7—Board of Directors Compens
Page 250 and 251: As of December 31, 2009 Name TRANSO
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As of December 31, 2009 TRANSOCEAN
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TRANSOCEAN LTD. NOTES TO STATUTORY
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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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Transocean Proxy Statement and 2010 Annual Report

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