Transocean GC Deeming steps down after two years in role

Transocean general counsel Nick Deeming has resigned with immediate effect less than two years after joining the Swiss offshore drilling group.

Nick Deeming
Nick Deeming

Deeming, whose full title was senior vice president, general counsel and assistant corporate secretary, moved to the Swiss and New York-listed company in February last year after roughly four years as legal chief at auctioneer Christie’s (17 January 2011).

Transocean said Deeming’s resignation on Tuesday (23 October) was effective immediately and stated its “gratitude” to him for his service to the Zug-headquartered operation.

His duties will be taken on by deputy general counsel and chief compliance officer Michael Munro and senior associate general counsel David Schwab, who is also global head of dispute resolution. The duo will report to president and CEO Steven Newman.

In a statement, Transocean said Deeming would receive a lump sum severance payment of Sfr644,375 (£431,000) and reimbursement for reasonable and documented repatriation costs for him and his qualified dependents. It said he would also receive his 2012 bonus prorated for the number of days he was employed during the calendar year and certain shares and options, as well as his housing and car allowance until 1 March next year.

Deeming has taken a number of in-house roles over the past 30 years. He was group general counsel and company secretary of Christie’s between 2007 and 2011, before which he was chief legal officer of German industrial and medical gases company Linde Group between 2001 and 2007. He held the same role at Anglo-French IT services entity Sema Group from 1999 to 2001.

He was previously group legal director at PPP Healthcare Group from 1990 to 1998 and financial services company Target Group from 1986 and 1990, before which he was head of legal services at Burmah Oil Exploration.

Transocean, his latest employer, owned and operated the Deepwater Horizon rig that exploded and sank in the Gulf of Mexico in 2010 and has been in discussions in recent months with the US Department of Justice over a possible $1.5bn settlement to put an end to claims from the country’s government related to the incident.