---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-011776"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2026-02-09T23:59:59+00:00"
generated_at: "2026-05-16T03:52:21.028545+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-011776
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2026-02-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000110465926011776/0001104659-26-011776-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000110465926011776/tm265550d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-011776
- JSON: https://secwatch.observer/filing/0001104659-26-011776.json
- Plain text: https://secwatch.observer/filing/0001104659-26-011776.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.