Leadership change at Transocean

Transocean has announced a change at the top for the Swiss-based offshore drilling giant as part of its multi-year succession plan.

The New York-listed company’s long-serving chief executive Jeremy Thigpen, is stepping down from his role and will be succeeded by Transocean’s president and chief operating officer, Keelan Adamson. The transition is expected to conclude in the second quarter of this year.

Thigpen, who has led Transocean since 2015, will remain on the company’s board through his current term and thereafter, subject to shareholder approval at the 2025 annual general meeting, be named as chairman, taking over from Chad Deaton, who will transition to lead independent director.

“This transition represents the culmination of a key part of our multi-year, rigorous and thoughtful succession plan designed to develop internal talent and maintain business and leadership continuity,” chairman Deaton said.

Adamson joined Transocean in 1995 and has served in multiple executive positions at the company before being named to his current role in 2022.

“Throughout his three decades with Transocean, where his experience has taken him from the drill floor to the executive level, Keelan has helped to shape the foundation of the company and position Transocean for sustained success as the industry’s market leader,” Deaton noted.

Commenting on Thigpen’s transition, Deaton added: “He guided Transocean as we transformed our fleet through opportunistic asset transactions, as well as the acquisition of two major competitors; under his leadership, we placed into service the most technologically advanced rigs in the world, including the first 8th generation, 20K drillships. He oversaw the continuation of Transocean’s legacy for leading the industry in innovation, with the application of new technologies that improve the safety, reliability and efficiency of our operations.”

Thigpen has spearheaded Transocean through the most challenging market in the history of offshore drilling and will pass on the baton with the company operating a fleet of 34 floaters and a backlog as of February of $8.3bn. Transocean booked a net loss of $512m in 2024, including $458m in net unfavorable items, primarily due to asset impairment losses of $755m.