The global offshore drilling industry has just changed scale. Transocean Ltd. and Valaris Limited signed a definitive agreement to merge through an all-stock transaction valued at approximately $5.8 billion. The combined company, with an estimated enterprise value of $17 billion, will form the fleet of offshore platforms most complete and advanced fleet of offshore platforms in the industry.
Transocean acquires Valaris and creates a dominant fleet
The new entity will operate 73 drilling units, comprising 33 ultra-deepwater vessels, nine ultra-deepwater semi-submersible rigs and 31 modern self-elevating rigs. This combination covers the entire spectrum of offshore operations, from extreme environments to shallow waters, and positions the company as the leading contractor in the segment.
The agreement not only unifies technical capabilities. It also unlocks more than US$200 million in cost synergies and strengthens the overall financial position. The combined contract portfolio is around US$10 billion, providing greater revenue visibility and a favorable framework to accelerate debt reduction. The goal is to reach a leverage ratio of 1.5x within two years.
Leadership, shareholding and prospects
Keelan Adamson, current CEO of Transocean, will lead the combined company, while Jeremy Thigpen will assume the chairmanship of the board. The shareholding structure will be 53% for Transocean shareholders and 47% for Valaris shareholders. 47% for Valaris shareholders. The transaction is expected to close in the second half of 2026, subject to regulatory and shareholder approvals.
The deal comes against a backdrop of a strong recovery in offshore investment. After years of industry adjustments, operators are looking to secure high-specification platforms through long-term contracts. This merger responds directly to that demand, consolidating operational expertise, technical efficiency and global access to all strategic regions of the world.
Transocean will remain headquartered in Switzerland with its main offices in Houston, consolidating its leadership in an industry that is heading for a new cycle of sustained growth.
Source: Transocean
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