Transocean (NYSE:RIG) today announced an agreement to acquire Valaris in an all-stock transaction valued at approximately $5.8 billion, creating the industry’s largest offshore drilling contractor by fleet size and backlog.
The combined company will have a pro forma enterprise value of approximately $17 billion and an estimated pro forma market capitalization of $12.3 billion.
Transocean shareholders are expected to own approximately 53% of the combined entity, with Valaris shareholders owning around 47%.
The transaction unites a total fleet of 73 rigs—spanning ultra-deepwater drillships, harsh-environment semisubmersibles, and jackups—with an industry-leading backlog of approximately $10 billion.
The companies identified more than $200 million in annual run-rate synergies from operational efficiencies, fleet optimization, and corporate overhead reductions.
The deal is expected to close in the second half of 2026, subject to approval by shareholders of both companies, regulatory clearances, and other customary closing conditions.