Transocean Ltd. (NYSE: RIG) announced today a significant leadership transition, with current President and Chief Operating Officer Keelan Adamson set to take the helm as President and Chief Executive Officer during the second quarter of 2025.
The succession plan will see Jeremy Thigpen, who has served as CEO since 2015, transition to the role of Executive Chair of the Board of Directors, subject to shareholder approval at the 2025 annual general meeting. Current Board Chair Chad Deaton will assume the position of Lead Independent Director.
Adamson brings extensive industry experience to the role, having served Transocean for nearly three decades. His career trajectory has spanned from hands-on rig operations to executive leadership, including his current position as President and COO since February 2022. Prior to this, he held various senior positions within the company, including Executive Vice President and Chief Operations Officer.
The leadership change comes as Transocean reports its fourth quarter and full year 2024 results, with the company securing $2.4 billion in backlog during the year. The company delivered a net income of $7 million for Q4 2024, with contract drilling revenues reaching $952 million.
Chad Deaton, current Board Chair, expressed confidence in the succession choice: “Keelan has helped to shape the foundation of the company and position Transocean for sustained success as the industry’s market leader. 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.”
Reflecting on his tenure, outgoing CEO Thigpen highlighted the company’s achievements under his leadership, including fleet transformation and technological advancement: “The trust and support the Board and the entire Transocean team provided during my tenure as CEO helped assemble an impressive team that operates the industry’s most technologically advanced assets.”
“With the highest specification fleet in the industry and the unparalleled experience of our offshore crews and shore-based support personnel, we are well-positioned for success,” said Adamson. “We will maintain a sharp focus on executing our business strategy – delivering enhanced shareholder value by optimizing operations, safely and efficiently meeting our customers’ objectives and meaningfully reducing our debt.”
The company’s recent milestones include executing the first two 20K subsea completions in the industry’s history. With contract coverage extending well into 2026, Transocean’s focus remains on operational execution and cost control to maximize cash conversion from its backlog.
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