Frederico Curado
TransoceanAbout Frederico F. Curado
Independent director of Transocean Ltd. (RIG), age 63, serving since 2013, and currently a member of the Governance, Safety & Environment (GSE) Committee; he previously chaired the Health, Safety & Environment Committee before it was combined into GSE in 2024 . Education: Executive MBA, University of São Paulo (1997); B.S. Mechanical‑Aeronautical Engineering, Instituto Tecnológico de Aeronáutica (1983) . In 2024, he attended 100% of Board and committee meetings and was nominated in 2025 to serve on the Compensation Committee, underscoring active engagement and board confidence .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ultrapar Participacoes S.A. | Chief Executive Officer | 2017–2021 | Led diversified Brazilian energy conglomerate |
| Embraer S.A. | President & CEO | 2007–2016 | Grew global aerospace OEM; prior EVP Airline Market (1998–2007) and EVP Planning & Org Development (1995–1998) |
| Iochpe‑Maxion S.A. | Director | 2015–2017 | Board oversight at auto components maker |
| Brazil‑U.S. Business Council (Brazil Chapter) | President | 2011–2016 | Bilateral business policy leadership |
| Brazil National Council for Industrial Development | Member | 2011–2016 | National industrial policy advisory |
| Smithsonian National Air and Space Museum | Director | 2014–2017 | Governance in leading museum institution |
External Roles
| Organization | Role | Tenure | Notes / Interlocks |
|---|---|---|---|
| ABB Ltd. (SIX: ABBN) | Non‑Executive Director | Since 2016 | RIG purchased rig-related services/equipment from ABB; Board determined independence unaffected |
| LATAM Airlines Group S.A. (NYSE/BCS: LTM) | Director | Since 2022 | Airline board role; no disclosed direct RIG relationship |
Board Governance
- Independence: Board has affirmatively determined Curado is independent under NYSE/SEC standards; only CEO (Thigpen) and President/COO (Adamson) are non‑independent .
- Committee assignments: Member, Governance, Safety & Environment (GSE); previously Chair of HSES before combination; nominated in 2025 for the Compensation Committee .
- Attendance: 100% attendance at Board and relevant committee meetings in 2024; Board met 4 times; Audit 9, Compensation 4, Finance 5, GSE 6 .
- Related‑party monitoring: Board reviewed ABB transactions (Curado director at ABB) and his son’s prior roles at GE/Baker Hughes; concluded arm’s‑length terms and independence maintained .
Fixed Compensation
| Component (USD) | 2024 Amount | Notes |
|---|---|---|
| Annual Director Retainer | $100,000 | Standard non‑employee director cash retainer |
| Committee Chair Fee | $10,000 | Finance or GSE chair; 2024 fees earned by Curado totaled $110,000 |
| RSU Grant Value | $217,954 | Aggregate grant‑date fair value of 2024 RSU award |
| Total 2024 Director Compensation | $327,954 | Fees + stock awards; no other comp |
| RSU Units Granted (2024) | 36,145 | Granted post‑AGM; valued at $210,000 target; vests at next AGM/first anniversary |
Notes:
- Non‑employee director equity: RSUs target $210,000; Chair $215,000; time‑based vesting; settlement typically deferred until service ends .
- Directors also reimbursed travel/incidental expenses; no perquisites beyond reimbursement .
Performance Compensation
| Instrument | Performance Metric(s) | Vesting / Terms | 2024/2025 Activity |
|---|---|---|---|
| RSUs (Directors) | None (time‑based, not performance) | Vest on first anniversary or next AGM; no dividends on unvested awards | 36,145 RSUs granted 2024 |
| Form 4 Award (2024) | — | Restricted Units | 36,145 units awarded; post‑txn ownership 36,145; Filed 2024‑05‑17 |
| Form 4 Award (2025) | — | Restricted Units | 82,353 units awarded; post‑txn ownership 82,353; Filed 2025‑06‑02 |
Directors’ equity is not performance‑based; RIG prohibits paying dividends/dividend equivalents on unvested awards and prohibits single‑trigger vesting on change‑of‑control .
Other Directorships & Interlocks
| Company | Relationship to RIG | Independence Handling |
|---|---|---|
| ABB Ltd. | Supplier of rig‑related services/equipment | Board reviewed and affirmed independence; transactions arm’s‑length |
| LATAM Airlines Group S.A. | No disclosed RIG transactions | Not flagged |
Expertise & Qualifications
- Global operations and engineering leadership; public company CEO experience; safety & environment oversight; finance/capital markets; M&A; sustainability and risk reporting—enumerated by RIG’s skill matrix .
- Audit/finance literacy through CEO roles and exposure; legal/compliance governance experience .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Shares Owned (Direct) | — | No direct common shares disclosed |
| Vested Share Units (Right to Acquire) | 345,127 | Vested units; counted in beneficial ownership |
| Total Beneficial Ownership | 345,127 | Less than 1% of outstanding shares |
| Ownership Guidelines | 5x annual cash retainer | Director shareholding requirement |
| Hedging/Pledging | Prohibited | Insider Trading Policy bans hedging/pledging |
Insider awards detail:
- 2024: 36,145 Restricted Units granted (Form 4) .
- 2025: 82,353 Restricted Units granted (Form 4) .
Governance Assessment
- Positives: Independent status affirmed despite potential interlocks; 100% attendance; prior HSES chair and current GSE member indicating deep safety and sustainability oversight; nominated to Compensation Committee, reflecting trust in pay governance .
- Alignment: Meaningful director equity via RSUs, share ownership guidelines (5x retainer), deferred settlement aligns with long‑term oversight; no hedging or pledging allowed .
- Compensation: Modest cash retainer with time‑based RSUs; no meeting fees or perquisites beyond expense reimbursement; transparent policy caps and annual shareholder ratification of maximum aggregate Board pay ($4.121M) .
- Potential conflicts: ABB supplier relationship and son’s former employment at Baker Hughes (supplier) disclosed; Board determined arm’s‑length and independence not impaired—monitor ongoing transaction approvals and disclosures, but no red flag at present .
RED FLAGS: None explicitly disclosed for Curado. Related-party exposure (ABB) monitored and cleared by Board; hedging/pledging banned; director attendance and independence strong .
Signals for investor confidence: Safety-led committee leadership history, strong attendance, and nomination to Compensation Committee support effective board oversight on HSE and pay; director equity and ownership guidelines foster alignment .