---
schema_version: "secwatch.filing_event.v1"
accession: "0001451505-26-000020"
form_type: "8-K"
ticker: "RIG"
cik: "0001451505"
company_name: "Transocean Ltd."
filed_at: "2026-02-23T23:59:59+00:00"
generated_at: "2026-05-16T01:07:59.635682+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001451505-26-000020
- form_type: 8-K
- ticker: RIG
- cik: 0001451505
- company_name: Transocean Ltd.
- filed_at: 2026-02-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1451505/000145150526000020/0001451505-26-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1451505/000145150526000020/rig-20260223x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001451505-26-000020
- JSON: https://secwatch.observer/filing/0001451505-26-000020.json
- Plain text: https://secwatch.observer/filing/0001451505-26-000020.txt

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