Recent Updates — VAL

Valaris Limited filed a current report updating the status of its proposed business combination with Transocean Ltd. The companies have scheduled a joint special court-ordered meeting for Valaris shareholders and an extraordinary general meeting for Transocean shareholders to vote on the transaction on November 24, 2026. Following shareholder approval, a Sanction Hearing before the Supreme Court of Bermuda is set for November 26, 2026. If approved, the merger is expected to close around December 1, 2026, with Valaris shareholders receiving 15.235 shares of Transocean for each Valaris share held via a scheme of arrangement under Bermuda law. The company operates in the offshore drilling and rig contracting industry.

Brazilian competition authorities (CADE) issued a decision determining that the proposed business combination between Transocean Ltd. and Valaris Limited may proceed without restrictions. The transaction involves Transocean acquiring all outstanding common shares of Valaris in exchange for 15.235 shares of Transocean per Valaris share, valued at approximately $3.75 billion based on recent trading prices. This regulatory clearance satisfies the final condition to closing, allowing the parties to anticipate completion in the fourth quarter of 2026 once the decision is published and a fifteen-day waiting period expires. Valaris Limited operates in the offshore drilling industry.

Valaris Limited announced that the U.S. Department of Justice closed its Hart-Scott-Rodino antitrust investigation into its proposed business combination with Transocean Ltd., allowing the waiting period to expire. The transaction involves Valaris shareholders receiving 15.235 shares of Transocean for each Valaris share held. Both companies anticipate closing the merger in the fourth quarter of 2026, subject to remaining conditions. Valaris Limited operates in the offshore drilling industry.

Valaris Limited received written notice of CFIUS approval on June 29, 2026, satisfying a key regulatory condition for its proposed business combination with Transocean Ltd. Under the agreement, Transocean will acquire all outstanding Valaris common shares in exchange for 15.235 Transocean shares per Valaris share. The companies continue to work with the DOJ regarding a Second Request and expect to complete the transaction in the second half of 2026. Valaris Limited is an offshore drilling services company.