Transocean schedules shareholder vote and court hearing for Valaris acquisition

Transocean Ltd. (NYSE:RIG) announced Friday that it has scheduled key shareholder meetings and a court hearing related to its proposed acquisition of Valaris Limited. The information was disclosed in a press release statement filed with the U.S. Securities and Exchange Commission.

According to the filing, Transocean and Valaris entered into a business combination agreement on February 9, 2026. Under the agreement, Transocean will acquire all outstanding shares of Valaris in exchange for 15.235 shares of Transocean per Valaris share. The transaction will be executed through a court-sanctioned scheme of arrangement under Bermuda law.

A joint definitive proxy statement was filed with the SEC on October 14, 2026. Transocean shareholders are set to vote on the business combination and an unrelated proposal to amend the company’s articles of association at an extraordinary general meeting scheduled for November 24, 2026. On the same day, Valaris shareholders will vote on the scheme of arrangement at a court-ordered meeting.

If both shareholder groups approve the transaction, Valaris will apply to the Supreme Court of Bermuda for an order to sanction the scheme of arrangement. The sanction hearing is scheduled for November 26, 2026, at the Commercial Court in Hamilton, Bermuda. Valaris shareholders of record may attend the hearing in person or by counsel.

Transocean stated that, if the Bermuda court grants the sanction order, it anticipates all conditions for closing the business combination will be satisfied, and the transaction will be completed on or about December 1, 2026.

The company noted that completion of the transaction remains subject to regulatory and shareholder approvals and other customary closing conditions. The filing also included cautionary statements regarding forward-looking information and outlined various risks and uncertainties related to the proposed business combination.

Transocean’s shares are listed on the New York Stock Exchange under the ticker NYSE:RIG.