{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-012387","form_type":"8-K","ticker":"RIG","cik":"0001451505","company_name":"Transocean Ltd.","filed_at":"2026-02-10T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.109407+00:00","generated_at":"2026-05-16T03:34:00.465240+00:00","sec_items":["1.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Transocean to acquire Valaris; all-stock deal at 15.235x ratio; 53/47 ownership split","bullets":["Transocean to acquire all Valaris shares at exchange ratio of 15.235 Transocean shares per Valaris share.","Existing Transocean shareholders will own ~53% and Valaris shareholders ~47% of combined company.","Termination fees: $195M payable by Transocean, $173M by Valaris under specified circumstances.","Support agreements in place: ~18% of Valaris shares and ~9% of Transocean shares committed to vote in favor.","Both boards unanimously approved the deal; expected close by Feb 2027 subject to approvals."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-012387","json":"https://secwatch.observer/filing/0001104659-26-012387.json","markdown":"https://secwatch.observer/filing/0001104659-26-012387.md","text":"https://secwatch.observer/filing/0001104659-26-012387.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926012387/0001104659-26-012387-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926012387/tm265550d3_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T03:34:00.465240+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"fb672c751be9c18ae3953be7f3168bb99cb5283c","claim":"Transocean Ltd. entered into Business Combination Agreement with Valaris Limited (effective 2026-02-09).","evidence_excerpt":"On February 9, 2026, Transocean Ltd., a Swiss corporation (“ Transocean ”), and Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda (“ Valaris ”) (Transocean and Valaris, collectively, the “ Parties ” and each, a “ Party ”), entered into a Business Combination Agreement (the “ Agreement ”) providing for the combination of the two Parties (the “ Business Combination ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926012387/0001104659-26-012387-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"merger"},{"label":"Counterparty","value":"Valaris Limited"},{"label":"Effective","value":"2026-02-09"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}