Hogan Lovells represents Transocean in its acquisition of Valaris, creating combined company with value of US$17 billion

Press releases | 10 February 2026

New York, Houston, 10 February 2026 – Global law firm Hogan Lovells is advising Transocean Ltd (NYSE: RIG), a leading international provider of offshore contract drilling services for oil and gas wells, in connection with its pending acquisition of Valaris Limited (NYSE: VAL), an industry leader in offshore drilling services across all water depths and geographies, in a deal valued at approximately US$5.8 billion. Together, the combined company is expected to have an enterprise value of US$17 billion.

The transaction brings together highly complementary, premium offshore assets able to serve customers in deepwater, harsh environment, 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.

Under the terms of the all-stock transaction, Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean stock for each common share of Valaris.

Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Valaris operates a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, and has experience operating in nearly every major offshore basin.

The Hogan Lovells deal team representing Transocean was led by partners Peter Cohen-Millstein and Megan Ridley-Kaye (both M&A, New York), Bruce Oakley (Litigation, Houston), senior associates Malcolm Evans and Zachary Suggs (both M&A, New York), and associate Nic Runnels (M&A, New York).