Transocean to Acquire Valaris in $5.8 Billion Deal, Forming Offshore Drilling Leader
February 9, 2026 — Transocean Ltd. announced today that it has entered into a definitive agreement to acquire Valaris Limited in a transaction valued at approximately $5.8 billion, marking one of the largest consolidations in the offshore drilling industry in recent years.
The combined company will operate a fleet of 73 offshore rigs, strengthening Transocean’s position as a global leader in deepwater and harsh-environment drilling services. The acquisition is expected to generate more than $200 million in annual cost synergies, driven by operational efficiencies and streamlined corporate functions.
Transocean stated that the transaction will significantly enhance cash flow, improve financial flexibility, and accelerate debt reduction. Following completion, the combined entity is projected to have a pro forma market capitalization of approximately $12.3 billion.
The deal is subject to regulatory approvals and customary closing conditions and is expected to close in the second half of 2026.
Source: Transocean Ltd., Form 8-K filing (Feb. 9, 2026)
