Transocean Announces Leadership Transition

Transocean Ltd. (NYSE: RIG) revealed a significant leadership transition plan today, appointing Keelan Adamson as the new President and Chief Executive Officer, set to assume the role in the second quarter of 2025. This move follows Jeremy Thigpen’s tenure as CEO since 2015, who will transition to the position of Executive Chair of the Board of Directors pending shareholder approval at the 2025 annual general meeting. Chad Deaton, the current Board Chair, will take on the role of Lead Independent Director.

Adamson, with close to thirty years of experience at Transocean, brings a wealth of industry knowledge to his new position. His background includes roles ranging from hands-on rig operations to executive leadership, with his most recent position being President and COO since February 2022. He has previously held senior positions within the company, including Executive Vice President and Chief Operations Officer.

The leadership change coincides with Transocean’s announcement of its fourth quarter and full year 2024 results, reporting a $2.4 billion backlog for the year. In Q4 2024, the company achieved a net income of $7 million, with contract drilling revenues totaling $952 million.

Chad Deaton expressed confidence in Adamson’s appointment, stating, “Keelan has played a pivotal role in shaping Transocean’s foundation and positioning the company as a leader in the industry. This transition is the result of a meticulous succession plan aimed at fostering internal talent and ensuring business continuity.”

Reflecting on his tenure, outgoing CEO Thigpen highlighted the company’s accomplishments under his leadership, including fleet modernization and technological advancements. Adamson expressed optimism about the future, emphasizing the company’s focus on executing its business strategy to enhance shareholder value, optimize operations, and reduce debt.

Transocean recently achieved a significant milestone by completing the industry’s first two 20K subsea projects. With contract coverage extending into 2026, the company remains committed to operational excellence and cost management to maximize cash flow from its backlog.