4 unchanged sentences
We are also involved in various tax matters as described in “ Part II.
−Removed: Financial Statements and Supplementary
−Removed: Data—Notes to Consolidated Financial Statements—Note 10—Income Taxes” and in “Part II.
+Added: Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 11—Income Taxes ” and in “ Part II.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Other Matters—Tax matters ” in this annual report on Form 10-K.
All such actions, claims, tax and other matters disclosed therein are incorporated herein by reference.
−Removed: As of December 31, 2020, we were involved in a number of other lawsuits, claims and disputes, which have arisen in the ordinary course of our business and for which we do not expect the liability, if any, to have a material adverse effect on our consolidated financial position, results of operations or cash flows.
+Added: As of December 31, 2021, we were involved in a number of other lawsuits, regulatory matters, disputes and claims, asserted and unasserted, all of which have arisen in the ordinary course of our business and for which we do not expect the liability, if any, to have a material adverse effect on our consolidated financial position, results of operations or cash flows.
We cannot predict with certainty the outcome or effect of any of the matters referred to above or of any such other pending or threatened litigation or legal proceedings.
−Removed: There can be no assurance that our beliefs or expectations as to the outcome or effect of any lawsuit or claim or dispute will prove correct and the eventual outcome of these matters could materially differ from management’s current estimates.
+Added: We can provide no assurance that our beliefs or expectations as to the outcome or effect of any lawsuit or claim or dispute will prove correct and the eventual outcome of these matters could materially differ from management’s current estimates.
+Added: On December 17, 2021, Transocean Offshore Deepwater Drilling Inc., our wholly owned subsidiary, received a letter from the U.S.
+Added: Department of Justice (the “DOJ”) related to alleged violations by our subsidiary of its Clean Water Act (“CWA”) National Pollutant Discharge Elimination System permit (“Permit”).
+Added: The alleged violations, involving seven of our drillships, were identified by the U.S.
+Added: Environmental Protection Agency (“EPA”) following an initial inspection in 2018 of our compliance with the Permit and the CWA and relate to deficiencies with respect to records retention, reporting requirements, discharges, permit limits, inspections and maintenance, and the submission of
+Added: monitoring reports.
+Added: In connection with the initial EPA inspection, we initiated modifications to our Permit and CWA compliance processes and maintained a dialogue with the EPA regarding the design and implementation of enhancements to these processes.
+Added: At the DOJ’s invitation, in an effort to resolve the matter, we have initiated settlement discussions with the DOJ, and the enforcement action will likely result in our agreeing to take or continue to take certain corrective actions to ensure current and future Permit and CWA compliance and to pay a monetary penalty, which we believe at this time would be immaterial.
+Added: We do not believe that the enforcement action would have a material adverse effect on our consolidated financial position, results of operations or cash flow.
+Added: If our current expectations relating to these costs prove to be inaccurate, future expenditures may exceed our accrued amounts.
In addition to the legal proceedings described above, we may from time to time identify other matters that we monitor through our compliance program or in response to events arising generally within our industry and in the markets where we do business.
We evaluate matters on a case by case basis, investigate allegations in accordance with our policies and cooperate with applicable governmental authorities.
−Removed: Through the process of monitoring and proactive investigation, we strive to ensure no violation of our policies, Code of Integrity or law has, or will, occur;
−Removed: however, there can be no assurance as to the outcome of these matters.
+Added: Through the process of monitoring and proactive investigation, we strive to ensure no violation of our policies, Code of Integrity or law has occurred, or will occur;
+Added: however, we can provide no assurance as to the outcome of these matters.
Mine Safety Disclosures
6 unchanged sentences
February 14, 2022
−Removed: President and Chief Executive Officer
−Removed: Keelan Adamson (a)
−Removed: Executive Vice President and Chief Operations Officer
+Added: Chief Executive Officer
+Added: Keelan Adamson
+Added: President and Chief Operating Officer
Executive Vice President, Chief Administrative Officer and Chief Information Officer
3 unchanged sentences
(a) Member of our executive management team for purposes of Swiss law.
−Removed: Thigpen is President and Chief Executive Officer and a member of the Company’s board of directors.
+Added: Thigpen is Chief Executive Officer and a member of the Company’s board of directors.
Before joining the Company in this position in April 2015, Mr.
6 unchanged sentences
Thigpen earned a Bachelor of Arts degree in Economics and Managerial Studies from Rice University in 1997, and he completed the Program for Management Development at Harvard Business School in 2001.
−Removed: Keelan Adamson is Executive Vice President and Chief Operations Officer of the Company.
−Removed: Before being named to his current position in August 2018, Mr.
−Removed: Adamson served as Senior Vice President, Operations from October 2017 to July 2018 and as Senior Vice President, Operations Integrity and HSE, from June 2015 to October 2017.
+Added: Keelan Adamson is President and Chief Operating Officer of the Company.
+Added: Before being named to his current position in February 2022, Mr.
+Added: Adamson served as Executive Vice President and Chief Operations Officer from August 2018 to February 2022, as Senior Vice President, Operations from October 2017 to July 2018 and as Senior Vice President, Operations Integrity and HSE, from June 2015 to October 2017.
Since 2010, Mr.
41 unchanged sentences
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.