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Transocean’s $5.8 Billion Valaris Deal Clears U.S. Antitrust Review

By  |  October 1, 2026
Transocean’s $5.8 Billion Valaris Deal Clears U.S. Antitrust Review

Transocean Ltd.’s $5.8 billion acquisition of Valaris Ltd. has passed a significant US regulatory hurdle, putting the offshore drilling companies on course to complete their combination before the end of the year.

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    The US Justice Department’s Antitrust Division has closed its investigation of the proposed transaction under the Hart-Scott-Rodino Antitrust Improvements Act, according to a report published Oct. 1 by Splash247. The decision removes a major regulatory condition for the all-stock deal.

    The companies now expect the transaction to close during the fourth quarter of 2026, provided the remaining closing conditions are satisfied or waived, according to Splash247. The Justice Department had intensified its examination of the deal in May, when it sought additional information and documents from both companies.

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    Transocean, which is based in Switzerland, agreed in February to acquire all outstanding shares of Valaris. Under the terms reported by Splash247, Valaris investors are to receive 15.235 Transocean shares for each Valaris share they own.

    Existing Transocean shareholders are expected to own about 53% of the combined company on a fully diluted basis, while Valaris shareholders would hold roughly 47%, according to the publication.

    The transaction would create an offshore drilling company with an enterprise value of about $17 billion and one of the industry’s largest collections of rigs. When the deal was announced, the companies said their combined fleet totaled 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersible rigs and 31 jackups, Splash247 reported.

    Transocean’s existing senior management is expected to continue leading the business after the acquisition closes, with Keelan Adamson remaining chief executive officer, according to Splash247. The combined company is expected to retain its Swiss incorporation and use Houston as its principal administrative base.

    The acquisition comes amid years of consolidation in offshore drilling as operators seek greater scale following an extended period of restructuring across the industry. Splash247 noted that other major combinations have included Noble Corp.’s acquisitions of Pacific Drilling, Maersk Drilling and Diamond Offshore.

    Source: Splash 247