Transocean agreed on 9 February to acquire rival offshore driller Valaris in an all-stock transaction valued at about $5.8bn, creating a combined fleet of 73 rigs.
Why Transocean Ltd. is buying Valaris Limited
Transocean chief executive Keelan Adamson said the combination was well timed for an emerging multi-year offshore drilling upcycle. The enlarged fleet of 33 ultra-deepwater drillships, nine semisubmersibles and 31 jackups can serve deepwater, harsh-environment and shallow-water basins, and the combined backlog of about $10bn improves cash flow visibility. More than $200m of synergies come on top of Transocean's existing cost programme, and the company targets leverage of about 1.5 times within 24 months of closing.
Deal terms and financing
Valaris shareholders receive a fixed 15.235 Transocean shares per share; on completion Transocean holders own about 53% and Valaris holders about 47%. The deal is implemented by a court-approved scheme of arrangement under Bermuda law. Perestroika AS, holding about 9% of Transocean, and Famatown Finance and Oak Hill Advisors, holding about 18% of Valaris, agreed to vote in favour. Transocean's Keelan Adamson remains chief executive and Jeremy Thigpen becomes executive chairman.
Regulatory approvals and timing
Valaris disclosed that CFIUS approval was received on 29 June 2026 and that the US Justice Department, which had issued a second request in May, closed its investigation on 30 September. On 13 October Brazil's CADE cleared the deal without restrictions; once that decision becomes final after a 15-day waiting period all regulatory conditions will be met, and the companies expect to close in the fourth quarter of 2026.
Market context
Transocean remains incorporated in Switzerland with its main administrative office in Houston. The deal had an estimated pro forma market capitalisation of $12.3bn at announcement and creates what The Energy Year described as the world's largest offshore drilling contractor.
