Recent Updates — RIG
Transocean Ltd. and Valaris Limited have scheduled their respective shareholder meetings for November 24, 2026, to vote on the proposed business combination. Under the terms of the agreement, Transocean will acquire all outstanding common shares of Valaris in exchange for 15.235 shares of Transocean stock per Valaris share. Following shareholder approval, a court sanction hearing is scheduled for November 26, with consummation anticipated around December 1, 2026. Transocean Ltd. operates as an offshore contract drilling contractor providing floating drilling rigs and related services to the global oil and gas industry.
Transocean Ltd. announced contract awards totaling approximately $550 million in firm backlog for two of its ultra-deepwater drillships in the U.S. Gulf. The Deepwater Proteus received a ten-well, 700-day campaign valued at roughly $325 million, commencing in the first quarter of 2027. The Deepwater Conqueror was awarded a five-well, 450-day contract worth approximately $225 million, excluding mobilization fees, with work starting in the third quarter of 2027. These fixtures represent significant near-term revenue visibility for the company's floating offshore drilling fleet.
Transocean International Limited entered into an amended and restated credit agreement with Citibank, N.A., increasing revolving commitments from $510 million to $750 million and extending the maturity date to October 2031. The facility's effectiveness is contingent on the closing of Transocean Ltd.'s previously announced acquisition of Valaris Limited. Separately, the company retired its 8.00% Senior Secured Notes due 2028 in full on October 1, 2026, settling the $165 million outstanding principal plus a call premium and accrued interest using cash on hand. This redemption is expected to generate approximately $22 million in interest expense savings to maturity as part of the company's deleveraging strategy. Transocean Ltd. operates the highest specification floating offshore drilling fleet globally.
Brazilian competition authorities (CADE) approved the proposed business combination between Transocean Ltd. and Valaris Limited without restrictions. The decision triggers a fifteen-day waiting period before becoming final, satisfying all regulatory conditions for the transaction. The companies anticipate closing the deal in the fourth quarter of 2026. Transocean is an offshore drilling contractor operating globally.
Transocean announced a new two-well contract with A/S Norske Shell for the Transocean Norge rig, adding approximately $62 million in firm backlog. The company also received final approval from Equinor for an agreement involving three harsh environment semisubmersible rigs (Transocean Enabler, Encourage, and Endurance), converting the previously announced $1.0 billion contract value into firm backlog. These awards bring total reported firm backlog to approximately $1.1 billion. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells.
Transocean Ltd. and Valaris Limited received notification from the U.S. Department of Justice that its investigation under the Hart-Scott-Rodino Act has closed, allowing the waiting period to expire. This regulatory clearance is a key condition for the business combination announced on February 9, 2026, in which Transocean will acquire all outstanding common shares of Valaris in exchange for 15.235 shares of Transocean per Valaris share. The parties anticipate closing the transaction in the fourth quarter of 2026, subject to satisfying remaining conditions. Transocean Ltd. operates in the offshore drilling industry.