D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
Transocean Ltd . (NYSE:RIG) announced Tuesday its plan to dispose of two rigs, GSF Development Driller I and Discoverer Luanda, through sale or recycling, as per a recent SEC filing. The rigs were classified as held for sale on May 30, 2025. The company is also evaluating the potential disposal of two additional rigs, Development Driller III and Discoverer Inspiration.
The company expects to incur a non-cash charge between $1.1 billion and $1.2 billion in the second quarter of 2025 due to the impairment of these assets.
During its Annual General Meeting (AGM) held on May 30, 2025, in Zug, Switzerland, Transocean’s shareholders approved several proposals. The amendments to the company’s 2015 Long-Term Incentive Plan were approved, allowing for an additional 16 million shares to be issued. Furthermore, the company’s Articles of Association were amended to reflect the issuance of 59,015,000 shares into treasury, valued at $5,901,500.
Shareholders also voted on various matters including the approval of the 2024 Annual Report, the Swiss Statutory Compensation Report, and the Non-Financial Matters Report, all of which were approved. The discharge of the Board of Directors and Executive Management Team from liability for activities during the fiscal year 2024 was also ratified.
The AGM saw the re-election of Ernst & Young LLP as the company’s independent auditor for fiscal year 2025. Additionally, Jeremy D. Thigpen was elected as the Chair of the Board of Directors.
A proposal to amend the Articles of Association to increase the maximum number of board members from 11 to 12 was not voted on, as the required quorum was not met. Consequently, Ms. Margareth Øvrum withdrew her nomination as a director.
This information is based on a press release statement filed with the SEC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.