Transocean to acquire Valaris in $5.8B stock deal, creating major offshore driller with 73 rigs.

Transocean has agreed to acquire Valaris in a $5.8 billion all-stock merger, creating a major offshore drilling company with a fleet of 73 rigs. Valaris shareholders will receive 15.235 Transocean shares per share, resulting in Transocean owning 53% of the new entity. The combined company, with a pro forma market cap of $12.3 billion and $17 billion in enterprise value, aims to generate over $200 million in annual cost savings, reduce debt, and strengthen its global position. The deal, pending regulatory and shareholder approval, is expected to close in late 2026.