Transocean CEO Jeremy Thigpen Steps Aside

 

Longtime Transocean CEO Jeremy Thigpen is transitioning into a new role as chairman of the company's board, the offshore drilling firm announced Tuesday. 

Thigpen,50, has been at the helm of the world's biggest offshore rig company since 2015, and he guided the firm through the toughest years of the offshore market downturn. Transocean survived a debt restructuring in 2020 and went on to acquire two major rivals, Songa Offshore and Ocean Rig. Under Thigpen, Transocean overhauled and expanded its fleet and added the world's first 8th-generation, 20,000 PSI-capable drillship. It is now the largest provider of offshore drilling services by revenue and has the most technologically advanced fleet in the industry (though China's state-owned COSL leads by unit count.) 

As part of a multiyear plan, Thigpen will step aside and be replaced in the CEO role by Keelan Adamson, the company's current president and COO. The transition will take place over the course of the next few months. 

"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," said Transocean board chairman Chad Deaton. 

An aeronautical engineer by training, Adamson joined Transocean in 1995 and held rig management roles throughout the company's global operations. He was promoted to run the North American region, then headed up a variety of VP-level roles at headquarters before taking over as SVP of Operations in 2017. He has been at the helm as COO since 2018, adding the title of president in 2022. 

Thigpen will continue in his current role as CEO until the handover is completed, and will then (subject to shareholder approval) take over as chairman of Transocean's board. Deaton will continue on as the board's lead independent director. 

"Transocean is a resilient and strong organization, made stronger by leaders like Keelan whom I have had the pleasure of working closely with for the past decade. Keelan is the right person to lead Transocean as we build upon the company’s position as the leader in offshore drilling," said Thigpen in a statement.