Transocean and Valaris Limited (VAL) announce the signing of a definitive agreement to combine the two companies under which Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion (5.39)
- The shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53% for Transocean and 47% for Valaris. The enterprise value of the pro forma company is approximately $17 billion.
- Creates an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, to meet emerging growth opportunities.
- Expands reach and customer access in world's most attractive offshore basins.
- Unlocks more than $200 million in identified cost synergies, additive to Transocean's ongoing cost savings initiative.
- Increases cash flow, accelerates deleveraging and strengthens financial flexibility.
- Estimated pro forma market capitalization of $12.3 billion.
- Improves trading liquidity and capital markets profile, including an expanded investor base and opportunities for additional equity index inclusion.
- The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions, and approvals by the shareholders of each company.