Transocean to acquire Valaris in all-stock deal valued at exchange ratio of 15.235 Transocean shares per Valaris share

Transocean Ltd.

Business Combination Agreement signed on February 9, 2026 to acquire all outstanding Valaris common shares for Transocean shares at 15.235:1 ratio.
Boards of both Transocean and Valaris unanimously approved and declared the agreement advisable.
Transaction to be effected through a Bermuda Scheme of Arrangement, with Valaris becoming a wholly owned subsidiary of Transocean.
Transocean released excess reserves of USD 555 million in 2025 and reported net loss of USD 73.6 million for the year ended December 31, 2025.

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