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ENDNOTES · MARKET AND INDUSTRY TRENDS · HYDROPOWER 03 95 GE, 2018 Annual Report (Boston: February 2019), pp. 19, 121, https://www.ge.com/investor-relations/sites/default/files/ GE_AR18.pdf. 96 Ibid., p. 17. MARKET 97 Ibid., p. 18. 98 Voith, Annual Report 2018 (Heidenheim an der Brenz, Germany: December 2018), p. 76, http://voith.com/corp-en/VZ_annual- report-2018_18_vvk_en.pdf. ENDNOTES I 99 Ibid., pp. 85-86, 120. AND INDUSTRY TRENDS 100 Ibid., pp. 73, 84-86. 101 Ibid., pp. 84-86. 102 Andritz, op. cit. note 30, p. 73. 103 Ibid., p. 73. 281 ENDNOTES · MARKET AND INDUSTRY TRENDS · OCEAN POWER 03 OCEAN POWER homes in Nova Scotia”, press release (Halifax, NS: 20 September 2018), https://www.canada.ca/en/natural-resources-canada/ 1 Organisation for Economic Co-operation and Development and news/2018/09/minister-sohi-announces-major-investment-in- International Energy Agency, Renewables 2018 (Paris: 2018), p. 39, renewable-tidal-energy-that-will-power-2500-homes-in-nova- MARKET https://www.iea.org/renewables2018/. scotia.html; “Ottawa commits $30 million for new tidal power 2 Total capacity from International Renewable Energy project in Bay of Fundy”, CTV News, 20 September 2018, https:// Agency, Renewable Capacity Statistics 2019 (Abu Dhabi: globalnews.ca/news/4471735/tidal-power-project-bay-of-fundy/. March 2019), http://www.irena.org/publications/2019/Mar/ 23 “Canada’s tidal commitment step forward for the sector, Renewable-Capacity-Statistics-2019. industry agrees”, MarineEnergy.biz, 24 September 2018, https:// ENDNOTES I 3 Ocean Energy Systems (OES), Annual Report 2017 (Lisbon: March marineenergy.biz/2018/09/24/canadas-tidal-commitment- AND INDUSTRY TRENDS 2018), https://report2017.ocean-energy-systems.org/documents/ step-forward-for-the-sector-industry-agrees/; “Canada awards OES-Annual-Report-2017/. C$30 million for 9MW tidal energy scheme”, MarineEnergy. 4 See, for example, European Commission (EC), Study on Lessons biz, 21 September 2018, https://marineenergy.biz/2018/09/21/ for Ocean Energy Development (Brussels: April 2017), p. iii, canada-awards-c30-million-for-9mw-tidal-energy-scheme/. https://publications.europa.eu/s/fEDw. 24 Sustainable Marine Energy, “PLAT-I installed in Grand 5 “Swansea Bay tidal lagoon rejection decision criticized”, BBC News, 26 Passage, Nova Scotia, Canada”, 20 September 2018, https:// June 2018, https://www.bbc.com/news/uk-wales-44609454; “Swansea sustainablemarine.com/news/plat-i_canada; Schottel, “SIT Bay Tidal Lagoon: Firm behind project in debt deal”, BBC News, instream turbine”, https://www.schottel.de/schottel-hydro/sit- 20 September 2018, https://www.bbc.com/news/uk-wales-45592824. instream-turbine/, viewed March 2019. 6 Gavin Smart and Miriam Noonan, Tidal Stream and Wave Energy 25 Sustainable Marine Energy, “Schottel backs Sustainable Marine Cost Reduction and Industrial Benefit (Glasgow: Offshore Renewable Energy to deliver its global tidal energy ambitions, starting in Canada”, Energy Catapult, May 2018), https://www.marineenergywales.co.uk/ 20 January 2019, https://sustainablemarine.com/news/schottel-1. wp-content/uploads/2018/05/ORE-Catapult-Tidal-Stream-and- 26 Atlantis Resources, “MeyGen Phase 1A completes construction Wave-Energy-Cost-Reduction-and-Ind-Benefit-FINAL-v03.02.pdf. phase and officially enters 25 year operations phase”, press 7 EC, op. cit. note 4, pp. 7-14; Smart and Noonan, op. cit. note 6, p. 4. release (Edinburgh: 12 April 2018), https://simecatlantis. com/2018/04/12/meygen-phase-1a-completes-construction- 8 Smart and Noonan, op. cit. note 6, p. 4. phase-and-officially-enters-25-year-operations-phase/. 9 EC, op. cit. note 4, pp. 14-20. 27 Ibid.; Atlantis Resources, “MeyGen operational update”, press 10 Smart and Noonan, op. cit. note 6, p. 4; eight types from European release (Edinburgh: 19 December 2018), https://simecatlantis. Marine Energy Centre Ltd. (EMEC), “Wave devices”, http://www. com/2018/12/19/meygen-operational-update-2/; mean electricity emec.org.uk/marine-energy/wave-devices/, viewed March 2019. demand of Scottish households from UK Department for Business, 11 OES, Annual Report 2016 (Lisbon: April 2017), p. 173, Energy & Industrial Strategy, “Sub-national electricity and gas https://report2016.ocean-energy-systems.org/. consumption statistics – Regional and local authority”, December 2018, https://assets.publishing.service.gov.uk/government/uploads/ 12 See, for example, Ocean Energy Europe, “European ocean energy system/uploads/attachment_data/file/678653/Sub-national_ continues its march towards industrialization”, press release electricity_and_gas_consumption_summary_report_2016.pdf. (Nantes, France: 25 October 2017), http://www.oceanenergy- europe.eu/press-release-european-ocean-energy-continues-its- 28 SIMEC Atlantis Energy, “Plans to enhance MeyGen project returns march-towards-industrialisation. and deliver 40% increase in yield through the installation of at least two new Atlantis turbines”, press release (Edinburgh: 30 October 13 Naval Energies, “MRE: Naval Energies stops its investment in 2018), https://simecatlantis.com/2018/10/30/plans-to-enhance- tidal-turbine energy and concentrates on floating wind turbines meygen-project-returns-and-deliver-40-increase-in-yield-through- and ocean thermal energy conversion”, press release (Paris: 27 the-installation-of-at-least-two-new-atlantis-turbines/. July 2018), https://www.naval-energies.com/en/news/mre-naval- energies-stops-its-investment-in-tidal-turbine-energy-and- 29 Nova Innovation, “Crown Estate Scotland extends Nova’s concentrates-on-floating-wind-turbines-and-ocean-thermal- Shetland seabed lease to support tidal project growth”, energy-conversion/. press release (Edinburgh: 16 October 2018), https://www. novainnovation.com/news/crown-estate-scotland-extends-nova- 14 Naval Energies, “Cape Sharp Tidal successfully connects s-shetland-seabed-lease-to-support-tidal-project-growth; Nova in-stream tidal turbine from the Bay of Fundy to Nova Scotia Innovation, “EU flagship tidal energy project gets green light for electric grid”, press release (Parrsboro, NS: 25 July 2018), https:// next stages of delivery”, press release (Edinburgh: 6 September www.naval-group.com/en/news/cape-sharp-tidal-successfully- 2018), https://www.enfait.eu/news/eu-flagship-tidal-energy- connects-in-stream-tidal-turbine-from-the-bay-of-fundy-to- project-gets-green-light-for-next-stages-of-delivery/. nova-scotia-electrical-grid/. 30 Nova Innovation, “EU flagship…”, op. cit. note 29. 15 Naval Energies, “Naval Energies inaugurates the first dedicated tidal-turbine assembly plant: Two first OpenHydro tidal turbines 31 Nova Innovation, “A world-first for Nova Innovation: the ‘Holy Grail’ will be assemble the plant [sic] in a few months” press release, of baseload tidal power”, press release (Edinburgh: 2 November https://www.naval-energies.com/en/news/naval-energies- 2018), https://www.novainnovation.com/news/a-world-first-for- inaugurates-the-first-dedicated-tidal-turbine-assembly-plant- nova-innovation-the-holy-grail-of-baseload-tidal-power. two-first-openhydro-tidal-turbines-will-be-assemble-the-plant- 32 Orbital Marine, “Scotrenewables Tidal clocks record level of in-a-few-months/, viewed 21 June 2018. power generation”, press release (Edinburgh: 21 August 2018), 16 Naval Energies, “Official start of the construction of the Naval https://orbitalmarine.com/flotec/press-release-scotrenewables- Energies/OpenHydro tidal-turbine plant in Cherbourg”, press tidal-clocks-record-level-of-power-generation/. release, https://www.naval-energies.com/en/news/official-start- 33 Orbital Marine, “Scotrenewables Tidal Power commences site of-the-construction-of-the-naval-energies-openhydro-tidal- preparations for commercial production unit”, press release turbine-plant-in-cherbourg/, viewed 24 July 2017. (Edinburgh: 18 September 2018), https://orbitalmarine.com/ 17 Naval Energies, op. cit. note 13. flotec/press-release-scotrenewables-tidal-power-commences- 18 Ibid. site-preparation-commercial-production-unit/. 19 Directorate-General for Maritime Affairs and Fisheries of the 34 Orbital Marine, “Orbital Marine Power unveils design for Orbital European Commission, Market Study on Ocean Energy (Brussels: O2 tidal turbine”, press release (Edinburgh: 16 November 2018), 20 June 2018), https://publications.europa.eu/en/publication- https://orbitalmarine.com/flotec/press-release-orbital-marine- detail/-/publication/e38ea9ce-74ff-11e8-9483-01aa75ed71a1/ power-unveil-design-for-orbital-o2-tidal-turbine/. language-en/format-PDF/source-99081151. 35 Minesto, “Minesto breaks new ground in the energy sector 20 Ibid. as it proves its subsea kite technology”, press release (Västra Frölunda, Sweden: 30 August 2018), https:// 21 OES, Annual Report 2018 (Lisbon: March 2019), p. 5, minesto.com/news-media/minesto-breaks-new-ground- http://report2018.ocean-energy-systems.org/. energy-sector-it-proves-its-subsea-kite-technology; 22 Natural Resources Canada, “Minister Sohi announces major Minesto, “Minesto generates electricity for the first time investment in renewable tidal energy that will power 2,500 with commercial-scale unit”, press release (Västra Frölunda, 282 ENDNOTES · MARKET AND INDUSTRY TRENDS · OCEAN POWER 03 Sweden: 9 October 2018), https://minesto.com/news-media/ 8 January 2019”, https://www.waveenergyscotland.co.uk/news- minesto-generates-electricity-first-time-commercial-scale-unit. events/two-scots-firms-secure-77m-funding/; Wave Energy 36 Minesto, “Minesto generates…”, op. cit. note 35. Scotland, “About us”, http://www.waveenergyscotland.co.uk,
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  • 2020 Annual General Meeting and Proxy Statement 2019 Annual Report

    2020 Annual General Meeting and Proxy Statement 2019 Annual Report

    2020 Annual General Meeting and Proxy Statement 2019 Annual Report CONTENTS LETTER TO SHAREHOLDERS NOTICE OF 2020 ANNUAL GENERAL MEETING AND PROXY STATEMENT COMPENSATION REPORT 2019 ANNUAL REPORT TO SHAREHOLDERS ABOUT TRANSOCEAN LTD. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world. Transocean owns or has partial ownership interests in, and operates a fleet of 45 mobile offshore drilling units consisting of 28 ultra-deepwater floaters, 14 harsh environment floaters and three midwater floaters. In addition, Transocean is constructing two ultra-deepwater drillships. Our shares are traded on the New York Stock Exchange under the symbol RIG. OUR GLOBAL MARKET PRESENCE Ultra-Deepwater 28 Harsh Environment 14 Midwater 3 The symbols in the map above represent the company’s global market presence as of the February 14, 2020 Fleet Status Report. ABOUT THE COVER The front cover features one of our harsh environment semisubmersibles, the Transocean Spitsbergen, the world’s first hybrid powered dynamically positioned floating drilling unit. FORWARD-LOOKING STATEMENTS Any statements included in this Proxy Statement and 2019 Annual Report that are not historical facts, including, without limitation, statements regarding future market trends and results of operations are forward-looking statements within the meaning of applicable securities law. Such statements are subject to numerous risks and uncertainties beyond our control and our actual results may differ materially from our forward- looking statements.