Valaris stock merger clears approvals ahead of December closing

Published on 11/13/2026 at 01:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Valaris stock remains focused on the planned Transocean merger. Shareholder votes are scheduled for November 24 before the targeted December 1 closing.

Merger advances toward December closing

Valaris and Transocean have received all required regulatory approvals for their proposed all-stock combination.
Shareholders of both companies are scheduled to vote on the transaction on November 24, 2026.
Valaris added approximately USD 600 million of backlog since August, lifting total backlog to approximately USD 4.8 billion.

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Valaris' planned combination with Transocean has cleared all required regulatory approvals and is expected to close on or about December 1, 2026, according to Baird Maritime. The companies still need shareholder and court approvals to complete the all-stock transaction.

Shareholder vote is next

Investors in both companies are scheduled to vote on November 24. Transocean expects approval from the Bermuda court on November 26, with the transaction targeted to close on December 1, subject to the remaining closing conditions.

The deal was agreed in February and values the combination at USD 5.8 billion at announcement. Under the terms, Valaris shareholders would receive 15.235 Transocean shares for each Valaris share. The transaction would create a combined offshore drilling fleet of 73 rigs, including 33 ultra-deepwater drillships.

Backlog expands before transaction

Valaris added approximately USD 600 million of contract backlog since its August fleet status report, bringing total backlog to approximately USD 4.8 billion on November 2 from USD 4.6 billion in August. New work includes a drillship contract with Petronas off Suriname and a three-year BP platform drilling services contract in the US Gulf of Mexico.

Valaris also extended work for four ARO Drilling-owned rigs with Saudi Aramco. The company sold the semi-submersible Valaris MS-1 for recycling and sold the stacked jackup Valaris 111 for conversion into a mobile offshore production unit.

Valaris operates offshore drilling fleet

Valaris provides offshore contract drilling services in Brazil, the United Kingdom, the Gulf of America, Australia, Angola and other international markets. Its operations cover Floaters, Jackups, ARO and Other, and the company also manages rigs owned by third parties.

Based in Hamilton, Bermuda, Valaris serves international, government-owned and independent oil and gas companies. Its direct offshore drilling competitors include Transocean, Noble Corporation and Seadrill; Valaris is positioned as a fleet-focused operator spanning drillships, semisubmersible rigs and jackups.