Transocean Ltd. filed a definitive joint proxy statement on October 13, 2026, seeking shareholder approval for its proposed all-stock acquisition of Valaris Limited. The companies signed the agreement on February 9, 2026. The transaction will be structured as a court-sanctioned scheme of arrangement under Bermuda law.
Under the deal, Valaris shareholders will receive 15.235 Transocean shares for each Valaris share. After the merger, existing Transocean shareholders are expected to own approximately 53% of the combined company, and Valaris shareholders are expected to own the remaining 47%.
Both companies have scheduled shareholder meetings for November 24, 2026, to vote on the proposal.