Transocean to Acquire Valaris in a $6.51 Billion All-Stock Deal

Transocean Ltd. (RIG) entered a merger agreement on February 9, 2026, to acquire Valaris Limited (VAL) in an all-stock deal valued at $6.51 billion.

Deal Structure:

Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean stock for each common share of Valaris.

This implies a consideration of $82.12 per Valaris share, representing a premium of 31.58% from the stock’s last close.

Company Profile:

Valaris is an offshore drilling contractor providing contract drilling services across all water depths and major offshore basins worldwide, operating a high-quality fleet of drillships, semisubmersibles, and modern jackup rigs for international oil and gas companies.

Transocean is a global offshore drilling contractor specializing in ultra-deepwater and harsh-environment drilling, operating one of the world’s highest-specification floating rig fleets to serve international oil and gas companies worldwide. It is based in Steinhausen, Switzerland.

Deal Details and Timeline:

The combined company’s shareholding will be approximately 53% Transocean and 47% Valaris.

The deal creates an industry leader with a diverse offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups.

Transocean’s senior management team will be led by CEO Keelan Adamson, with Jeremy Thigpen serving as Executive Chairman of the Board. The Board will consist of nine current Transocean directors and two current Valaris directors. Transocean will remain incorporated in Switzerland, with its primary administrative office in Houston.

The deal is expected to close in the second half of 2026.

The companies received shareholder support agreements from Perestroika, which owns about 9% of Transocean’s shares, and from Famatown Finance and Oak Hill Advisors, which together own roughly 18% of Valaris’ shares, agreeing to vote in favor of the merger.

Valaris was advised by Goldman Sachs as financial advisor and by Skadden, Arps, Slate, Meagher & Flom, Lenz & Staehlin, and Conyers Dill & Pearman as legal counsel. Transocean was advised by Evercore as financial advisor, with Hogan Lovells, Homburger, and Appleby (Bermuda) serving as legal counsel.

Transocean is paying 8.77 times the EBITDA for Valaris.

Deal Metrics:

More details about this merger and acquisition can be found on the Deal Metrics page here:

Deal Metrics for the acquisition of Valaris Limited (VAL) by Transocean Ltd. (RIG)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.

Disclaimer: Please conduct thorough due diligence before buying or selling any securities mentioned in this article. The completeness or accuracy of the content or data provided in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article