Transocean to acquire Valaris in all-stock deal valued at ~$5.8B; combined fleet of 73 rigs

Valaris Ltd

Deal valued at ~$5.8B; exchange ratio 15.235 RIG shares per VAL share; combined EV ~$17B.
Pro forma ownership 53% Transocean, 47% Valaris; expected closing H2 2026.
Identified cost synergies >$200M; combined backlog ~$10B.
Leadership: Keelan Adamson CEO, Jeremy Thigpen Executive Chairman; board 11 members (9 RIG, 2 VAL).
Combined fleet of 73 rigs including 33 ultra-deepwater drillships, 9 semisubmersibles, 31 jackups.

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