Transocean’s planned $5.8 billion all-stock merger with Valaris is facing an extended antitrust review in the United States after regulators requested additional information from both offshore drilling companies.
The two rig owners signed a definitive agreement in February 2026 for Transocean to acquire Valaris. The deal is intended to create a combined offshore drilling company with 73 rigs, including 33 ultra-deepwater drillships, nine semi-submersibles and 31 modern jack-ups.
Completion of the transaction remains subject to several conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Both companies submitted HSR Act notifications to the Federal Trade Commission and the Antitrust Division of the US Department of Justice on 2 March 2026. Transocean withdrew its filing on 1 April 2026 and refiled it on 3 April 2026.
On 4 May 2026, both companies received a second request from the Department of Justice for additional information and documents related to the proposed transaction.
According to Transocean, the request extends the HSR Act waiting period until 30 days after both companies substantially comply, unless the period is voluntarily extended or ended earlier by the Department of Justice.
Transocean said the parties are continuing to cooperate with the Department of Justice as the review continues.
If completed, Transocean shareholders will own 53% of the combined company on a fully diluted basis, while Valaris shareholders will hold 47%.
