Deep-water oil rig owner Transocean Ltd. agreed to acquire rival Valaris Ltd. in an all-stock deal valued at $5.8 billion as offshore drilling activity heats up. The deal will create the world's largest offshore rig contractor by market value, with a fleet of 73 offshore rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 jackup vessels, the companies said Monday in a statement. Bloomberg's Scott Levine joins to discuss. ...

Core Viewpoint - The conference call is focused on the strategic combination of Transocean and Valaris, highlighting the significance of this merger for both companies and the industry as a whole [2]. Group 1: Company Overview - The call is led by Transocean President and CEO, Keelan Adamson, and Valaris President and CEO, Anton Dibowitz, indicating a collaborative leadership approach for the merger [2]. - An investor presentation is available on both companies' websites, providing detailed information about the transaction, which suggests a commitment to transparency and investor engagement [2]. Group 2: Forward-Looking Statements - The call includes forward-looking statements that are subject to risks and uncertainties, emphasizing the need for stakeholders to refer to the news release and SEC filings for more comprehensive information [3].

Transocean to acquire Valaris in $5.8B all-stock deal Proactive uses images sourced from Shutterstock Transocean (NYSE:RIG) and Valaris (NYSE:VAL) announced on Monday that they have entered a definitive agreement to combine the two offshore drilling companies, with Transocean acquiring Valaris in an all-stock transaction valued at approximately $5.8 billion. Under the agreement, Transocean shareholders are expected to hold about 53% of the combined company on a fully diluted basis, while Valaris sharehol ...

Core Viewpoint - Transocean Ltd. has agreed to acquire Valaris Limited in an all-stock transaction valued at approximately $5.8 billion, creating a combined entity with a significant presence in the offshore drilling industry [1][2] Group 1: Transaction Details - Valaris shareholders will receive 15.235 shares of Transocean for each Valaris share, resulting in Transocean shareholders owning about 53% of the combined company and Valaris shareholders holding 47% [2] - The merger is expected to close in the second half of 2026, pending regulatory and shareholder approvals [2] Group 2: Fleet and Market Position - The merger will create the world's highest-quality offshore drilling fleet, consisting of 73 rigs across major offshore segments, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups [3] - The combined fleet will enhance customer access in key offshore basins, including the U.S. Gulf of Mexico, Brazil, West Africa, the Middle East, and the North Sea, amid a resurgence in offshore investment [4] Group 3: Financial Impact - The combined backlog is estimated at approximately $10 billion, which will strengthen cash flow visibility as operators focus on long-cycle offshore projects [4] - Transocean anticipates unlocking over $200 million in cost synergies from the merger, in addition to an existing cost-reduction program targeting over $250 million in cumulative savings through 2026 [5] - The deal is expected to increase cash flow, accelerate deleveraging, and enhance financial flexibility, aiming for a leverage ratio of around 1.5x within two years of closing [5] Group 4: Management Structure - The combined company will be led by Transocean President and CEO Keelan Adamson, with current Transocean CEO Jeremy Thigpen serving as Executive Chairman of the Board [7] - The board will consist of nine Transocean directors and two Valaris directors, with Transocean remaining incorporated in Switzerland and its primary administrative office located in Houston [7]

Summary of Transocean and Valaris Conference Call Industry and Companies Involved - **Industry**: Offshore drilling - **Companies**: Transocean (NYSE:RIG) and Valaris Core Points and Arguments 1. **Transaction Announcement**: The call was held to discuss the merger between Transocean and Valaris, highlighting the strategic rationale behind the combination [2][4]. 2. **Deal Rationale**: The merger is expected to create significant value for shareholders and customers, enhancing the companies' strategic priorities and operational capabilities [4][5]. 3. **Market Timing**: The companies believe they are at the beginning of a multi-year upcycle in offshore drilling, which makes this acquisition timely [5]. 4. **Fleet Enhancement**: The combined fleet will include high-specification drill ships, semi-submersibles, and a modern jackup fleet, expanding capabilities in harsh environments and new geographies [5][10]. 5. **Cost Synergies**: The transaction is expected to generate over $200 million in annual cost synergies, which will contribute to a leaner and more profitable enterprise [6][13]. 6. **Debt Reduction**: The merger aims to improve the financial foundation of both companies, with a pro forma backlog exceeding $10 billion, allowing for significant cash flow and a targeted leverage ratio of about 1.5 times within 24 months [8][9]. 7. **Operational Performance**: Transocean reported an uptime performance of nearly 98% and zero operational integrity events in the previous year, emphasizing their commitment to safety and reliability [7]. 8. **Future Cash Flow**: The companies expect a 150% increase in deepwater project sanctioning by the end of 2027, positioning the combined fleet to meet rising demand [9]. 9. **Cultural Alignment**: Both companies share a culture focused on safety and customer service, which is expected to enhance operational efficiency post-merger [11][12]. 10. **Regulatory Confidence**: A comprehensive review indicated no significant regulatory issues anticipated with the transaction, particularly in overlapping regions like Brazil [21][22]. Additional Important Content 1. **Strategic Asset Management**: The companies have already rationalized their fleets, divesting over 65 rigs to align with current market demands [39]. 2. **Long-term Plans for Jackup Fleet**: The management intends to continue operating the jackup fleet, which is expected to generate strong cash flow amid increasing upstream CapEx [62]. 3. **Shareholder Returns**: While deleveraging is a priority, the companies will evaluate options for returning cash to shareholders once the leverage ratio is at acceptable levels [27][41]. 4. **Operational Efficiencies**: Most cost savings from the merger will come from operational efficiencies and eliminating redundancies, with minimal associated costs for realizing these savings [32]. This summary encapsulates the key points discussed during the conference call regarding the merger between Transocean and Valaris, focusing on strategic benefits, financial implications, and operational synergies.

Core Viewpoint - Halper Sadeh LLC is investigating the merger between Transocean Ltd. and Valaris Limited, focusing on the rights of Transocean shareholders and potential violations of federal securities laws by the company's board of directors [1][2]. Group 1: Merger Details - Upon completion of the proposed merger, Transocean shareholders will own approximately 53% of the combined company [1]. Group 2: Legal Investigation - The investigation is centered on whether Transocean and its board violated federal securities laws and breached fiduciary duties by failing to secure the best possible consideration for shareholders, conduct a fair sales process, and disclose all material information necessary for shareholders to evaluate the transaction [2]. Group 3: Potential Actions - Halper Sadeh LLC may seek increased consideration, additional disclosures, or other forms of relief and benefits for shareholders [3].

Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026 Stronger Together Best fleet, best team, best customer service SHAREHOLDERS CUSTOMERS 2 • Provides enhanced exposure to anticipated offshore drilling upcycle • Superior execution through disciplined management and best operating practices • $200M+ in identified cost synergies to increase free cash flow • All-equity transaction accelerates deleveraging and is accretive on key financial metrics • Meets growing demand with the world's highest-spe ...

Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026 Stronger Together Best fleet, best team, best customer service SHAREHOLDERS CUSTOMERS Generating Increased Value and Returns 2 • Provides enhanced exposure to anticipated offshore drilling upcycle • Superior execution through disciplined management and best operating practices • $200M+ in identified cost synergies to increase free cash flow • All-equity transaction accelerates deleveraging and is accretive on key financial metrics • Meets grow ...

Group 1: OpenAI and AI Sector - OpenAI is nearing a monumental $100 billion funding round, which would value the company at approximately $830 billion, driven by a resurgence in growth with ChatGPT exceeding 10% monthly growth [3][7] - Nvidia is reportedly close to investing about $20 billion in OpenAI as part of this funding initiative, highlighting strong investor confidence in the AI sector [3] Group 2: Alphabet's Financial Moves - Alphabet (GOOGL) plans to raise approximately $15 billion through a new US bond sale, aimed at general corporate purposes including debt repayment and investments in AI [4][7] Group 3: Uber's Strategic Acquisition - Uber Technologies Inc. (UBER) is acquiring Getir's food delivery business for $335 million and will invest an additional $100 million for a 15% stake in Getir's broader operations in Türkiye [5][7] Group 4: Offshore Drilling Consolidation - Transocean (RIG) announced its intention to acquire Valaris (VAL) in an all-stock transaction valued at approximately $5.8 billion, creating a combined entity with a pro forma enterprise value of around $17 billion [6][7] Group 5: Ferrari's Electric Vehicle Launch - Ferrari (RACE) has introduced "Ferrari Luce," its new full-electric sports car, with plans for its debut in October 2026, marking a significant entry into the electric vehicle market [8][7] Group 6: MicroStrategy's Bitcoin Strategy - MicroStrategy (MSTR) purchased an additional 1,142 Bitcoin for approximately $90 million, reinforcing its position as a leading corporate holder of Bitcoin [9] Group 7: Currency and Economic Insights - The IMF Chief has downplayed concerns regarding the dollar's short-term fluctuations, noting a 1.2% decline in January 2026, while contextualizing it within a broader historical perspective [10]

Core Viewpoint - Transocean has agreed to acquire Valaris in an all-stock transaction valued at $5.8 billion [1] Company Summary - The acquisition will enhance Transocean's position in the offshore drilling services market [1] - Valaris is a fellow offshore drilling services company, indicating a strategic consolidation within the industry [1] Financial Summary - The deal is structured as an all-stock transaction, which may impact the financial metrics of both companies [1] - The total value of the acquisition is $5.8 billion, reflecting significant investment in the offshore drilling sector [1]