Transocean to Acquire Valaris in $5.8B All-Stock Deal

The combined offshore drilling company will have a diversified fleet of 73 rigs across deep-water, harsh environment and shallow-water markets.

Published on Feb. 10, 2026

Got story updates? Submit your updates here. ›

Transocean has entered into a definitive agreement to acquire Valaris through an all-stock transaction valued at around $5.8 billion. The combined company will have a diversified fleet of 73 rigs, including 33 ultra-deep-water drill-ships, nine semisubmersibles and 31 jack-ups. Transocean shareholders will own around 53% of the new entity, while Valaris shareholders will account for roughly 47%.

Why it matters

The merger creates a leading offshore drilling company that is well-positioned to capitalize on an emerging multi-year industry upcycle. The combined company's expanded fleet and enhanced cash flow will enable it to accelerate debt reduction and strengthen its financial position.

The details

The transaction is expected to generate more than $200 million in cost synergies, complementing Transocean's ongoing cost-reduction efforts. The combined backlog stands at around $10 billion, providing strong cash flow visibility. Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean stock for each Valaris share.

  • The closing of the deal is targeted for the second half of 2026 (H2 2026).

The players

Transocean

An American offshore drilling company that provides offshore contract drilling services for oil and gas wells.

Valaris

A global offshore drilling company that provides offshore contract drilling services for oil and gas wells.

Keelan Adamson

The president and CEO of Transocean.

Anton Dibowitz

The CEO of Valaris.

Perestroika

A company that owns approximately 9% of Transocean shares.

Famatown Finance

A company that, together with Oak Hill Advisors, holds roughly 18% of Valaris shares.

Oak Hill Advisors

A company that, together with Famatown Finance, holds roughly 18% of Valaris shares.

Got photos? Submit your photos here. ›

What they’re saying

“This transaction creates a very attractive investment in the offshore drilling industry, differentiated by the best fleet, proven people, leading technologies and unequalled customer service.”

— Keelan Adamson, President and CEO, Transocean (Offshore Technology)

“By combining with Transocean, we will create a new industry leader for the benefit of our shareholders, customers and employees.”

— Anton Dibowitz, CEO, Valaris (Offshore Technology)

What’s next

The closing of the deal is targeted for the second half of 2026 (H2 2026) and is subject to regulatory clearance, shareholder approval from each company, and satisfaction of standard closing conditions.

The takeaway

The merger of Transocean and Valaris creates a leading offshore drilling company with a diversified fleet and enhanced financial strength, positioning it to capitalize on an expected industry upturn and deliver value for shareholders, customers, and employees.