Valaris to combine with Transocean in all-stock deal valued through 15.235 share exchange
Valaris and Transocean entered a Business Combination Agreement on February 9, 2026, under which Transocean will acquire all Valaris shares in exchange for Transocean shares at 15.235 Transocean shares per Valaris share, effected by a Bermuda scheme of arrangement. After closing, Transocean shareholders would own about 53% of the combined company and Valaris shareholders about 47%, so Valaris holders would give up control to Transocean's existing investor base.
Key points
- Exchange ratio of 15.235 Transocean shares for each Valaris share, with Transocean shares issued under the Securities Act Section 3(a)(10) exemption.
- Post-closing ownership: about 53% Transocean shareholders and about 47% Valaris shareholders.
- Termination fees: $195 million payable by Transocean and $173 million payable by Valaris in specified circumstances; the agreement can be terminated if closing has not occurred by February 9, 2027.
- Closing requires shareholder approvals from both companies, a Bermuda court sanction order, NYSE listing approval for the new shares, and certain regulatory approvals.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 10, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.