Appleby advises Transocean Ltd. (“Transocean”) in connection with its acquisition of Valaris Limited (“Valaris”)
On 9 February 2026 Transocean (NYSE: RIG) and Valaris (NYSE: VAL) announced the signing of a definitive agreement to combine the two companies under which Transocean will acquire Valaris in an all-stock transaction valued at approximately US$5.8 billion. Assuming the conversion to shares of Transocean’s exchangeable bonds due 2029, the shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53% for Transocean and 47% for Valaris. The enterprise value of the pro forma company is approximately US$17 billion. The transaction will be carried out by way of a court-supervised scheme of arrangement under section 99 of the Companies Act 1981 (as amended) of Bermuda.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells and Valaris is an industry leader in offshore drilling services across all water depths and geographies. The transaction brings together highly complementary, premium offshore assets able to serve customers in deepwater harsh environments and shallow water basins around the world. The deal will create an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, to meet emerging growth opportunities.
Appleby is advising on all aspects of Bermuda law in connection with the transaction and scheme of arrangement.
The Appleby team is led by David Clark (Partner) and James Batten (Counsel) with Hailee Forde (Senior Associate) and Avechi Chimara (Associate) assisting, working alongside Hogan Lovells US LLP and Homburger AG (respectively as US and Swiss counsel to Transocean).
