Transocean proposes ex NOV CEO as Vice Chairman

Transocean Ltd.’s Board of Directors has recommended that shareholders approve the election of Merrill A. “Pete” Miller, Jr. as a member of the Board for a term extending until completion of the 2015 Annual General Meeting.

Assuming he is elected by shareholders at the EGM, the Board intends to designate Miller as Vice Chairman.

Ian C. Strachan, the current Chairman of the Board, will reach 72 years of age before the 2015 AGM. In accordance with the company’s Corporate Governance Guidelines, it is anticipated that Strachan will retire from the Board at the end of his term at the 2015 AGM. The Board currently expects to recommend that shareholders elect Miller as Chairman at the 2015 AGM.

Miller is the Executive Chairman of NOW Inc., a spinoff of the distribution business of National Oilwell Varco, Inc., a supplier of oilfield services and equipment to the oil and gas industry.

Prior to assuming this role, Miller served as President and Chief Executive Officer of National Oilwell Varco and as Chairman of the Board. Miller is also a Director of Chesapeake Energy Corporation and served as President of Anadarko Drilling Company. Prior to Anadarko, Miller held various senior management positions at Helmerich & Payne, Inc. (NYSE: HP), including Vice President, U.S. Operations.

Miller graduated from the United States Military Academy and received his MBA from the Harvard Business School. The Board believes Miller’s extensive industry and senior management experience will be of significant value to the company.

Press Release, July 16, 2014