Switzerland’s Transocean will acquire Bermuda-based Valaris in an all-stock transaction valued at USD 5.8 billion to create the world’s largest offshore drilling contractor, the companies said on Monday.
The combined company will operate a fleet of 73 rigs including 33 ultra-deepwater drillships, nine semisubmersibles and 31 jackups, with an estimated pro forma enterprise value of USD 17 billion and market capitalisation of USD 12.3 billion.
The deal will expand reach in key offshore basins and unlock over USD 200 million in cost synergies, according to the companies. The merger is expected to close in the second half of 2026.
“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,” Transocean CEO Keelan Adamson said. “The powerful combination is well-timed to capitalise on an emerging, multi-year offshore drilling upcycle.”
“By combining with Transocean, we will create a new industry leader for the benefit of our shareholders, customers and employees,” Valaris CEO Anton Dibowitz said. “We look forward to complementing Transocean’s high-specification deepwater assets with our own, while returning world-class jackup expertise to Transocean’s business, creating a combined company that is capable of operating any rig at any water depth in any offshore environment around the world.”
Transocean shareholders will hold 53% of the combined entity, with Valaris shareholders owning 47%. The deal was unanimously approved by both boards and has the backing of key shareholders.
Transocean is a global offshore drilling contractor headquartered in Switzerland, with a fleet focused on ultra-deepwater and harsh environment floaters. It operates primarily in deepwater markets and is known for its high-specification mobile offshore drilling units.
Valaris is a Bermuda-headquartered provider of offshore drilling services with operations across deepwater, semisubmersible and jackup rigs in nearly every major offshore basin. The company has a strong track record in operational safety and technology innovation.