Transocean to acquire Valaris in $5.8B all-stock deal

Group 1 - Transocean and Valaris have entered a definitive agreement for an all-stock merger valued at approximately $5.8 billion, with Transocean acquiring Valaris [1][5] - Post-merger, Transocean shareholders will own about 53% of the combined entity, while Valaris shareholders will hold the remaining 47% [1] - The pro forma enterprise value of the merged company is estimated at roughly $17 billion, with a market capitalization of $12.3 billion, and it will operate a fleet of 73 rigs [2] Group 2 - The merger aims to expand global reach, diversify offshore capabilities, and enhance cash flow, with over $200 million in identified cost synergies [2] - Transocean's CEO stated that the merger is well-timed to capitalize on an emerging multi-year offshore drilling upcycle, benefiting investors and customers [3] - The transaction has been unanimously approved by the boards of both companies and is expected to close in the second half of 2026 [4]