Transocean has agreed to acquire Valaris in a $5.8B all-stock transaction, issuing Transocean shares to Valaris stockholders. The merger consolidates their fleets into over 60 offshore drilling rigs across deepwater and ultra-deepwater segments.

The combined entity will become the world’s largest offshore contractor by rig count, aiming to boost market share in high-margin deepwater projects. Operational synergies are expected through shared resources and reduced overhead on vessel operations.

Under the terms, Valaris shareholders will receive Transocean stock, with the deal slated to close late 2026 pending regulatory approval. The transaction enhances scale and long-term cash flow potential, with management projecting improved cost efficiency from the integration.