Valaris acquired by Transocean

Under the terms of the all-stock transaction, Transocean values Valaris at LOGIN, creating an offshore drilling group with a pro forma enterprise value near of $20bn. Upon completion, the combined equity will be owned approximately 53% by Transocean shareholders and 47% by Valaris shareholders on a fully diluted basis. The transaction is supported by major institutional investors from both companies, including Famatown Finance Limited and Oak Hill Advisors, which collectively hold approximately 18% of Valaris shares, alongside Perestroika AS, which owns approximately 9% of Transocean shares. Executive management of the combined business will see Keelan Adamson serve as Chief Executive Officer, while Jeremy Thigpen will take the role of Executive Chairman of the Board. At the time of the transaction, the pro forma entity controls a fleet of 73 offshore rigs, consisting of 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups, supported by an aggregate contract backlog of approximately $10bn. Financially, the structure is designed to unlock over $200m in incremental cost synergies and accelerate balance sheet deleveraging to achieve an estimated net leverage ratio of approximately 1.5x within 24 months of closing. Carried out through a court-approved scheme of arrangement in Bermuda, the merger is targeted to close in the second half of 2026.

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