---
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"
generated_at: "2026-05-16T03:34:00.465240+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Transocean to acquire Valaris; all-stock deal at 15.235x ratio; 53/47 ownership split

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-012387
- JSON: https://secwatch.observer/filing/0001104659-26-012387.json
- Plain text: https://secwatch.observer/filing/0001104659-26-012387.txt

## Key facts
- Material Agreements
  Transocean Ltd. entered into Business Combination Agreement with Valaris Limited (effective 2026-02-09).
  - Action: entry
  - Agreement: merger
  - Counterparty: Valaris Limited
  - Effective: 2026-02-09
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1451505/000110465926012387/0001104659-26-012387-index.htm

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