8 billion, creating one of the world’s largest offshore drilling contractors with a fleet of 73 drilling rigs. The combined company will have an enterprise value of roughly $17 billion, with Transocean shareholders expected to own about 53% of the merged entity and Valaris shareholders the remaining 47% on a fully diluted basis.
This acquisition brings together two industry leaders to form a powerhouse in the offshore drilling sector. By combining their fleets, the companies will create a portfolio of 73 offshore rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jack-ups, expanding their presence across deepwater and shallow-water basins globally.
The combined company is expected to have an offshore rig backlog of about $10 billion and more than $200 million in identified transaction-related cost synergies. Transocean’s management team will lead the merged company, with the group remaining incorporated in Switzerland and maintaining its primary administrative office in Houston.
This deal is well-timed to capitalize on an emerging, multi-year offshore drilling upcycle, bringing together proven technologies and customer service to create a new industry leader. The acquisition is expected to close in the second half of 2026, subject to regulatory approvals, customary closing conditions and shareholder approvals.
This tie-up has created a major player in the offshore drilling sector with a unique combination of ultra-deepwater drillships and modern jack-ups. The deal is expected to bring significant cost savings and expanded customer service to the industry.
