Transocean signs agreement to acquire Valaris for $5.8bn

Transocean has entered into a definitive agreement to purchase Valaris through an all-stock transaction valued at around $5.8bn (SFr4.44bn). The agreement will create a combined offshore drilling company with a diversified fleet of 73 rigs including 33 ultra-deep-water drill-ships, nine semisubmersibles and 31 jack-ups. Upon completion of the deal, Transocean shareholders will hold around 53% of the combined group, while Valaris shareholders will account for roughly 47%. Pro forma enterprise value is p ...