19 unchanged sentences
Refund available to non - Swiss holders —If the shareholder that receives a distribution from us is not a Swiss tax resident, does not hold our shares in connection with a permanent establishment or a fixed place of business maintained in Switzerland, and resides in a country that has concluded a treaty for the avoidance of double taxation with Switzerland for which the conditions for the application and protection of and by the treaty are met, then the shareholder may be entitled to a full or partial refund of the withholding tax described above.
−Removed: Switzerland has entered into bilateral treaties for the avoidance of double taxation with respect to income taxes with numerous countries, including the U.S., whereby under certain circumstances all or part of the withholding tax may be refunded.
+Added: Switzerland has entered into bilateral treaties for the avoidance of double taxation with respect to income taxes with numerous countries, including the United States (“U.S.”), whereby under certain circumstances all or part of the withholding tax may be refunded.
The procedures for claiming treaty refunds, and the time frame required for obtaining a refund, may differ from country to country.
18 unchanged sentences
Share repurchases
−Removed: Repurchases of shares for the purposes of capital reduction are treated as a partial liquidation subject to a 35 percent Swiss withholding tax based on the difference between the repurchase price and the related amount of par value and the related amount of qualifying additional paid-in capital, if any.
+Added: Shares repurchased for the purpose of capital reduction are treated as a partial liquidation subject to a 35 percent Swiss withholding tax based on the difference between the repurchase price and the related amount of par value and the related amount of qualifying additional paid-in capital, if any.
We would be required to remit on a net basis the purchase price with the Swiss withholding tax deducted to a holder of our shares and pay the withholding tax to the Swiss federal tax authorities.
7 unchanged sentences
A company may repurchase its shares to the extent it has freely distributable reserves as shown on its Swiss statutory balance sheet in the amount of the purchase price and if the aggregate par value of all shares held by the company as treasury shares does not exceed 10 percent of the company’s share capital recorded in the Swiss Commercial Register, whereby for purposes of determining whether the 10 percent threshold has been reached, shares repurchased under a share repurchase program for cancellation purposes authorized by the company’s shareholders are disregarded.
−Removed: As of February 12, 2020, Transocean Inc., our wholly owned subsidiary, held as treasury shares less than one percent of our issued and outstanding shares as of such date.
+Added: As of February 16, 2021, Transocean Inc., our wholly owned subsidiary, held as treasury shares four percent of our issued and outstanding shares as of such date.
Our board of directors could, to the extent freely distributable reserves are available, authorize the repurchase of additional shares for purposes other than cancellation, such as to retain treasury shares for use in satisfying our obligations in connection with incentive plans or other rights to acquire our shares.
−Removed: Based on the number of shares held as treasury shares as of February 12, 2020, approximately nine percent of our issued and outstanding shares could be repurchased for purposes of retention as additional treasury shares.
+Added: Based on the number of shares held as treasury shares as of February 16, 2021, approximately six percent of our issued and outstanding shares could be repurchased for purposes of retention as additional treasury shares.
Although our board of directors has not approved such a share repurchase program for the purpose of retaining repurchased shares as treasury shares, if it did so, any such shares repurchased would be in addition to any shares repurchased under the currently approved program.
15 unchanged sentences
Selected Financial Data
−Removed: The selected financial data as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 have been derived from the audited consolidated financial statements included in “Item 8.
−Removed: Financial Statements and Supplementary Data.” The selected financial data as of December 31, 2017, 2016 and 2015, and for each of the two years in the period ended December 31, 2016 have been derived from our accounting records.
−Removed: The following data should be read in conjunction with “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the audited consolidated financial statements and the notes thereto included under “Item 8.
−Removed: Financial Statements and Supplementary Data.”
−Removed: Years ended December 31,
−Removed: (In millions, except per share data)
−Removed: Statement of operations data
−Removed: Operating revenues
−Removed: Operating income (loss)
−Removed: Net income (loss)
−Removed: Net income (loss) attributable to controlling interest
−Removed: Per share earnings (loss)
−Removed: Balance sheet data (at end of period)
−Removed: Debt due within one year
−Removed: Long-term debt
−Removed: Finance lease liability (c)
−Removed: Other financial data
−Removed: Cash provided by operating activities
−Removed: Cash used in investing activities
−Removed: Cash provided by (used in) financing activities
−Removed: Capital expenditures
−Removed: Distributions of qualifying additional paid-in capital
−Removed: Per share distributions of qualifying additional paid-in capital
−Removed: In January 2018, we acquired approximately 97.7 percent ownership interest in Songa.
−Removed: In March 2018, we acquired the remaining shares not owned by us through a compulsory acquisition under Cyprus law and as a result Songa became our wholly owned subsidiary.
−Removed: To complete these transactions, we issued 68.0 million shares and $863 million aggregate principal amount of the Exchangeable Bonds and made an aggregate cash payment of $8 million.
−Removed: In December 2018, we acquired Ocean Rig in a merger transaction, and as a result, Ocean Rig became our wholly owned subsidiary.
−Removed: To complete the acquisition, we issued 147.7 million shares and made an aggregate cash payment of $1.2 billion.
−Removed: In December 2016, Transocean Partners LLC, which previously had a portion of its shares publicly traded on the New York Stock Exchange, completed a merger with one of our subsidiaries and subsequently became our wholly owned subsidiary.
−Removed: To complete the merger, we issued 23.8 million shares from conditional capital.
−Removed: Effective January 1, 2019, we reclassified our finance lease liability to no longer be presented in long-term debt (see Part II.
−Removed: Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 3—Accounting Standards Updates.
+Added: Part II, Item 6 is no longer required as we have adopted certain provisions within the amendments to Regulation S-K that eliminate Item 301 .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.