Homburger advises Transocean in its acquisition of Valaris, creating combined company with value of USD 17 bn

Homburger is advising Transocean Ltd (NYSE: RIG), a leading international provider of offshore contract drilling services for oil and gas wells, on Swiss law matters in connection with its pending acquisition of Valaris Limited (NYSE: VAL), an industry leader in offshore drilling services across all water depths and geographies. On February 9, 2026, Transocean and Valaris announced the signing of a definitive agreement to combine the two companies under which Transocean will acquire Valaris in an all-stock transaction valued at approximately USD 5.8 bn. The enterprise value of the pro forma company is approximately USD 17 bn.

The transaction brings together highly complementary, premium offshore assets. On a pro forma basis, the company will own 73 rigs able to serve customers in deepwater, harsh environment, and shallow water basins around the world. 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. Upon completion and on a fully diluted basis, Transocean shareholders will own approximately 53% of the combined company, with Valaris shareholders owning the remaining 47%. The transaction will be carried out by way of a court-approved scheme of arrangement under Bermuda law and is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions, and approvals by the shareholders of each company.

The Homburger team advising Transocean was led by David Oser, Micha Fankhauser and Kaiyan Yeo (all Corporate / M&A) as well as Reto Heuberger (Tax).