Second-in-command moving up to CEO at Transocean

Switzerland-based offshore drilling contractor Transocean has unveiled its plan for key leadership changes under the company’s multi-year succession planning strategy.

As part of this plan, Keelan Adamson, the company’s current President and Chief Operating Officer (COO), will become President and Chief Executive Officer (CEO) following a transition period, which is anticipated to end in Q2 2025. Adamson is also expected to become a member of the board of directors at the company’s 2025 annual general meeting.

“Throughout his three decades with Transocean, where his experience has taken him from the drill floor to the executive level, Keelan has helped to shape the foundation of the company and position Transocean for sustained success as the industry’s market leader,” said Chad Deaton, the Chair of Transocean’s Board of Directors. 

“This transition represents the culmination of a key part of our multi-year, rigorous and thoughtful succession plan designed to develop internal talent and maintain business and leadership continuity. Keelan is well-prepared for this opportunity.”

Adamson has served as Transocean’s President and Chief Operating Officer as of February 2022 and held various leadership positions at the company since joining Transocean in 1995. He has a bachelor’s degree in Aeronautical Engineering from The Queens University of Belfast and has completed the Advanced Management Program at Harvard Business School.

Adamson will succeed Jeremy Thigpen, who has been the company’s CEO since 2015. Thigpen earned his Bachelor of Arts degree in Economics and Managerial Studies from Rice University in 1997 and completed the Program for Management Development at Harvard Business School in 2001.

“It is an honor to succeed Jeremy, who skillfully guided Transocean through an unprecedented industry downturn and prepared it for the opportunities that we are realizing today,” said Adamson.

Thigpen is set to stay on as CEO until Adamson is appointed and continue being a member of the company’s board of directors through his current term. After that, Thigpen is expected to be named Executive Chair of the Board of Directors, while Chad Deaton is set to become the Lead Independent Director. Both appointments are subject to shareholder approval at the 2025 annual general meeting.

“On behalf of the entire Board, I would like to recognize and thank Jeremy for leading Transocean through the most challenging market in the history of offshore drilling,” noted Deaton.

“He guided Transocean as we transformed our fleet through opportunistic asset transactions, as well as the acquisition of two major competitors; under his leadership, we placed into service the most technologically advanced rigs in the world, including the first 8th generation, 20K drillships.”

In addition to management changes, the Swiss player has been busy securing contracts for members of its fleet. Last week, contract extensions were announced for one drillship–Dhirubhai Deepwater KG1–and two semi-submersible rigs, Transocean Enabler and Transocean Endurance.