Transocean to Acquire Valaris for $5.8B, Creating Offshore Drilling Leader
Transocean Ltd. has agreed to acquire Valaris Limited in an all-stock transaction valued at approximately $5.8 billion, creating one of the largest diversified offshore drilling fleets globally. Upon completion, shareholders of the combined company are expected to own roughly 53% Transocean and 47% Valaris, based on current shares outstanding.
Valaris shareholders will receive 15.235 Transocean shares for each Valaris common share. Using the companies’ February 6, 2026 closing prices, the deal implies a combined enterprise value of about $17 billion. The new fleet will encompass 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, positioned to meet emerging growth opportunities in offshore drilling. Management expects the combination to unlock more than $200 million in cost synergies, incremental to Transocean’s ongoing cost-savings program.
“The powerful combination is well-timed to capitalize on an emerging, multi-year offshore drilling upcycle,” said Keelan Adamson, Transocean president and CEO. “The strong pro forma cash flow enables us to accelerate debt reduction, resulting in an expected leverage ratio of about 1.5x within 24 months of the transaction closing.”
“By combining with Transocean, we will create a new industry leader for the benefit of our shareholders, customers and employees,” added Valaris CEO Anton Dibowitz.
Post-close, Transocean’s senior management team will be led by CEO Keelan Adamson, with Jeremy Thigpen serving as executive chairman. The board will comprise nine current Transocean directors and two Valaris directors. Transocean will remain incorporated in Switzerland, with its primary administrative office in Houston. The transaction is expected to close in the second half of 2026.
Evercore is acting as lead financial advisor to Transocean. Hogan Lovells, Homburger, and Appleby (Bermuda) Limited are acting as legal advisors to Transocean. DrivePath Advisors is Transocean’s financial communications consultant. Goldman Sachs & Co. LLC and Skadden, Arps, Slate, Meagher & Flom LLP, Lenz & Staehlin, and Conyers Dill & Pearman Limited are financial advisors and legal advisors, respectively, to Valaris. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Valaris.
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