---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-26-004511"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2026-02-10T23:59:59+00:00"
generated_at: "2026-05-16T03:42:43.150098+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Valaris to be acquired by Transocean at exchange ratio of 15.235; combined ownership 53% Transocean / 47% Valaris

## Summary
- Transocean will acquire all Valaris shares; each Valaris share exchanged for 15.235 Transocean shares.
- Combined company: ~53% owned by Transocean shareholders, ~47% by Valaris shareholders.
- Termination fees: $195M to Valaris, $173M to Transocean; expense reimbursements up to $65M/$58M.
- Support agreements: ~18% Valaris shareholders and ~9% Transocean shareholders committed to vote in favor.
- Transaction expected to close by February 9, 2027, subject to regulatory and shareholder approvals.

## SEC filing metadata
- accession: 0001140361-26-004511
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2026-02-10T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000114036126004511/0001140361-26-004511-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000114036126004511/ef20065226_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-26-004511
- JSON: https://secwatch.observer/filing/0001140361-26-004511.json
- Plain text: https://secwatch.observer/filing/0001140361-26-004511.txt

## Key facts
- Material Agreements
  Valaris Ltd entered into Business Combination Agreement with Transocean Ltd. valued at Exchange ratio of 15.235 Transocean Shares per Valaris Share; resulting ownership of approximately 5 (effective 2026-02-09).
  - Action: entry
  - Agreement: merger
  - Counterparty: Transocean Ltd.
  - Value: Exchange ratio of 15.235 Transocean Shares per Valaris Share; resulting ownership of approximately 5
  - Effective: 2026-02-09
  source text: On February 9, 2026, Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda (“ Valaris ”) and Transocean Ltd., a Swiss corporation (“ Transocean ”) (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/314808/000114036126004511/0001140361-26-004511-index.htm

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