Valaris and Transocean schedule shareholder meetings for proposed business combination

Valaris Ltd (NYSE:VAL) announced Friday that it and Transocean Ltd have scheduled shareholder meetings for November 24, 2026, to vote on a proposed business combination. The announcement is based on a press release statement included in a recent SEC filing.

According to the filing, the Business Combination Agreement, originally announced on February 9, 2026, outlines that Transocean will acquire all issued and outstanding common shares of Valaris. Under the terms of the agreement, Valaris shareholders would receive 15.235 shares of Transocean for each Valaris share, subject to approval through a court-sanctioned scheme of arrangement in Bermuda.

The upcoming meetings include a special court-ordered meeting for Valaris shareholders and an extraordinary general meeting for Transocean shareholders. Both meetings are intended to secure shareholder approval for matters related to the transaction.

If shareholders approve the necessary proposals, 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.

The filing states that, if the Bermuda court grants the sanction order, the companies anticipate that all conditions to closing will be satisfied and the business combination could be completed on or about December 1, 2026.

Valaris and Transocean have filed a joint definitive proxy statement with the SEC and have disseminated it to their respective shareholders. The companies note that the proposed transaction is subject to various conditions, including regulatory and shareholder approvals.

Valaris common shares and warrants are currently listed on the New York Stock Exchange under the symbols NYSE:VAL and NYSE:VAL WS, respectively.

This summary is based on information provided in a press release statement included in Valaris Ltd’s SEC filing.