February 9, 2026

Oilfield services firm Transocean RIG.Nsaid on Monday it will acquire peer Valaris VAL.N in an all-stock deal valued at $5.8 billion, expanding its exposure across deepwater, harsh-environment and shallow-water basins worldwide.Transocean shares were down 4% at $5.16, while Valaris shares were up 14.6% at $71.61 in premarket trade.Oilfield service providers have followed energy producers and pursued deals to navigate operational and pricing pressures, as customers rein in spending on new wells and prioritize returns to investors.The companies said the combined firm will have an enterprise value of roughly $17 billion and will own a fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups.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 Valaris share. This values Valaris at $82.12 per share, a 31.6% premium to its last close, according to a Reuters calculation.Transocean will hold 53% of the combined firm and Valaris will hold the remaining 47%, the companies said.The companies expect the deal to close in the second half of 2026.(Reuters)