Transocean and Valaris have received all regulatory approvals required for their proposed merger, removing a key condition ahead of the planned completion of the $5.8 billion all-stock transaction on or about 1 December 2026.
The final clearances came from the US Department of Justice and Brazil’s competition authority, CADE, both of which approved the deal without conditions, Transocean President and CEO Keelan Adamson confirmed during the company’s third-quarter earnings call on 3 November.
Shareholder votes at both companies are scheduled for 24 November. Subject to their approval, a Bermuda court hearing will take place on 26 November to consider sanctioning the transaction. Completion remains dependent on these remaining steps.
Under the agreement announced on 9 February 2026, Transocean will acquire Valaris through a share exchange valued at approximately $5.8 billion when the deal was announced. Valaris shareholders will receive 15.235 Transocean shares for each share held.
The companies initially outlined a combined offshore drilling fleet of 73 rigs, comprising 33 ultra-deepwater drillships, nine semisubmersibles and 31 jackups. These figures reflect the fleet composition presented when the acquisition was announced, rather than an updated fleet count following subsequent asset disposals.
Transocean has identified more than $200 million in expected annual merger-related synergies, with integration planning already in its final stages.
Meanwhile, Valaris has secured approximately $600 million in new contracts and extensions since August, according to its 2 November fleet status report. Its total contract backlog increased from approximately $4.6 billion in August to $4.8 billion, reflecting changes in outstanding contracted work rather than a direct addition of the full value of new awards.
The contracts include a three-year, $290 million agreement to support drilling operations on bp’s Mad Dog and Thunder Horse platforms in the US Gulf of Mexico. Further contract details are available in HMT News’ earlier report on Valaris’ drilling awards.
With the regulatory reviews completed, the companies are now awaiting shareholder and court decisions. Transocean reaffirmed the expected closing timetable in its third-quarter results announcement.
