Corporate GovernanceMay 19, 2026, 04:48 PM
Transocean to Nominate Kristian Johansen to Board, Tied to Valaris Deal
AI Summary
Transocean Ltd. has entered into a support agreement with Famatown Finance Limited and Kristian Johansen. Under the agreement, Transocean will nominate Mr. Johansen for election to its board of directors, contingent on the approval of Transocean's acquisition of Valaris Limited. The agreement grants Famatown parties the right to nominate a director for a two-year period and an observer right if their nominee is not on the board, while also imposing standstill and voting covenants on Famatown. The agreement will terminate under specified conditions, including Famatown's shareholding falling below 3.5%.
Key Highlights
- Transocean entered a support agreement with Famatown Finance Limited and Kristian Johansen.
- Transocean will nominate Kristian Johansen for election to its board of directors.
- Nomination is conditioned on shareholder approval of Transocean's acquisition of Valaris Limited.
- Famatown parties gain a Nomination Right for a director for a two-year Re-Nomination Period.
- Famatown parties receive an Observer Right to the board if their nominee is not serving.
- Agreement includes customary standstill and voting covenants for Famatown parties.
- Agreement terminates if Famatown Parties' beneficial ownership drops below 3.5% of Transocean shares.
Price Impact
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