Sou Hu Cai Jing·2026-02-22 21:21Group 1 - The core point of the article is the merger agreement between Transocean and Valaris, which will create the world's largest offshore drilling contractor with over 70 drilling platforms and a total value of nearly 120 billion RMB [1] - The acquisition is structured as an all-stock transaction valued at approximately 5.8 billion USD, equivalent to about 400.69 billion RMB, resulting in a combined company valuation of around 17 billion USD, or approximately 1,174.44 billion RMB [3] - Post-merger, Transocean shareholders will hold about 53% of the new company's equity, while Valaris shareholders will own the remaining 47% [3] Group 2 - The merger aims to achieve a high degree of asset complementarity between the two companies, creating a comprehensive service capability that covers all scenarios and water depths [3] - The new company will possess 73 drilling platforms, making it one of the largest fleets globally, with operations spanning ultra-deep water, harsh environments, and shallow water markets [3] - The fleet will include 33 ultra-deepwater drilling ships, 9 semi-submersible drilling platforms, and 31 modern jack-up drilling rigs, along with approximately 10 billion USD in contracts, ensuring stable operations for the next 1-2 years [3] Group 3 - Prior to the merger, Transocean was a leading offshore drilling platform operator with 27 mobile offshore drilling units, including 20 ultra-deepwater floating drilling platforms [4] - Valaris, on the other hand, was recognized for its diverse fleet and extensive operational experience across all major offshore basins, owning 49 offshore drilling units, including 13 ultra-deepwater drilling ships [4] - The merger is expected to accelerate the oligopolistic trend in the global offshore drilling industry, with the new company poised to dominate the high-end drilling market, particularly in the ultra-deepwater sector [5]