Transocean announces business combination with Valaris

Key Events

• Transocean and Valaris entered into a Business Combination Agreement on February 9, 2026, under which Transocean will acquire all Valaris shares for 15.235 Transocean shares per Valaris share.
• On October 13, 2026, Brazilian competition authorities (CADE) approved the transaction without restrictions.
• The decision is expected to be published in Brazil's Official Journal on October 15 or 16, 2026, triggering a 15-day waiting period.
• Transocean and Valaris expect the transaction to close in Q4 2026, subject to remaining conditions.

Financial Implications

• The filing does not provide specific financial figures for the transaction.

Regulatory Implications

• The transaction received approval from Brazilian competition authorities (CADE) on October 13, 2026.
• The filing includes a cautionary statement about the risks and uncertainties of the transaction.

Timeline

• February 9, 2026: Transocean and Valaris entered into the Business Combination Agreement.
• October 13, 2026: CADE approved the transaction without restrictions.
• October 15 or 16, 2026: CADE's decision is expected to be published in Brazil's Official Journal.
• Fourth quarter 2026: Expected closing of the transaction, subject to remaining conditions.

What It Means for Shareholders

• Shareholders should monitor the transaction's progress and potential impact on the company's future operations and stock performance.
• The filing includes a cautionary statement about the risks and uncertainties of the transaction.