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This is part of a case series. The Transocean (A) and (B) cases provide snapshots of two points in time in the company's history - the first in 2009 after a period of superior earnings and the second in 2023 after several years of poor performance. The two cases describe the same public company [NYSE: RIG] at two points in time characterized by vastly different financial and economic circumstances as well as different sets of senior executives. The cases highlight how different the same organization can appear within a relatively short 20-year period marked by the global financial crisis in 2007-2009, a major oil-rig explosion in 2010, a waning outlook in 2014, the slowdown due to the COVID-19 pandemic in 2020, and a potential economic recovery.