Transocean to acquire Valaris in all-stock deal valued at ~$5.8B; creates ~$17B offshore driller

Transocean Ltd.

All-stock deal: Valaris shareholders receive 15.235 RIG shares per VAL share; pro forma ownership ~53% RIG, ~47% VAL.
Combined enterprise value ~$17.2B; market cap ~$12.3B; combined fleet of 73 rigs and backlog ~$10B.
Identified >$200M in cost synergies; expects leverage ratio ~1.5x within 24 months post-close.
Leadership: Keelan Adamson remains CEO; Jeremy Thigpen becomes Executive Chairman; 9 RIG + 2 VAL directors.
Transaction approved by both boards; expected to close H2 2026 subject to regulatory and shareholder approvals.

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