Transocean to acquire Valaris in $5.8B all‑stock deal
Transocean and Valaris have signed a definitive all‑stock merger agreement valued at about $5.8 billion, creating what the companies call the world’s highest‑specification offshore drilling fleet.
The combined company will have an enterprise value of about $17 billion and a pro forma market cap of roughly $12.3 billion, with ownership split 53% Transocean and 47% Valaris.
The merger brings together a 73‑rig fleet, including 33 ultradeepwater drillships, nine semisubmersibles and 31 modern jackups.
The companies expect to unlock more than $200 million in cost synergies and strengthen cash flow, supported by a $10 billion contract backlog, positioning the combined firm to accelerate debt reduction to an estimated 1.5x leverage within two years of closing.
Transocean CEO Keelan Adamson, who was appointed to this role a year ago, said the deal is timed to capitalize on a “multi‑year offshore drilling upcycle.”
Adamson will remain CEO, and former CEO Jeremy Thigpen will serve as executive chairman. In addition, the board will include nine Transocean directors and two Valaris directors.
The transaction, subject to customary approvals, is expected to close in the second half of 2026.
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Ariana Hurtado
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With more than a decade of copy editing, project management and journalism experience, Ariana Hurtado is a seasoned managing editor born and raised in the energy capital of the world—Houston, Texas. She currently serves as editor-in-chief of Offshore, overseeing the editorial team, its content and the brand's growth from a digital perspective.
Utilizing her editorial expertise, she manages digital media for the Offshore team. She also helps create and oversee new special industry reports and revolutionizes existing supplements, while also contributing content to Offshore's magazine, newsletters and website as a copy editor and writer.
Prior to her current role, she served as Offshore's editor and director of special reports from April 2022 to December 2024. Before joining Offshore, she served as senior managing editor of publications with Hart Energy. Prior to her nearly nine years with Hart, she worked on the copy desk as a news editor at the Houston Chronicle.
She graduated magna cum laude with a bachelor's degree in journalism from the University of Houston.