Transocean schedules shareholder vote and court hearing for Valaris acquisition

Transocean Ltd., a company traded on the New York Stock Exchange under the ticker RIG, recently announced critical shareholder meetings and a court hearing concerning its planned acquisition of Valaris Limited. This information was reported in a press release submitted to the U.S. Securities and Exchange Commission. The press release detailed that on February 9, 2026, Transocean and Valaris entered into a business combination agreement, with Transocean acquiring all of Valaris' outstanding shares in exchange for 15.235 shares of Transocean for each Valaris share.

The transaction will be finalized through a court-sanctioned scheme of arrangement in accordance with Bermuda law. On October 14, 2026, Transocean filed a joint definitive proxy statement with the SEC. Shareholders of Transocean are scheduled to vote on the business combination and an unrelated amendment to the company’s articles of association during an extraordinary general meeting on November 24, 2026.

On the same date, Valaris shareholders will vote on the scheme of arrangement at a court-ordered meeting. If both groups approve the transaction, Valaris will request a sanction order from the Supreme Court of Bermuda on November 26, 2026, at the Commercial Court in Hamilton, Bermuda.

Upon receiving the sanction order, Transocean expects that all conditions for closing the business combination will be met, and the transaction will occur by December 1, 2026, subject to regulatory approvals and other customary closing conditions. The SEC filing also contained cautions about forward-looking information and highlighted various risks and uncertainties associated with the proposed acquisition.

Transocean’s shares are publicly traded on the New York Stock Exchange under the ticker RIG. This news report was AI-generated and reviewed by an editor.