Transocean And Valaris Holders Vote November 24 On All-Stock Deal, With Court Hearing Two Days Later
Closing on the Valaris takeover is targeted for about December 1 if a Bermuda court sanctions the deal.
Shareholders of Transocean and Valaris will vote on November 24 on Transocean's all-stock takeover of Valaris, followed by a Bermuda court hearing on November 26, according to an 8-K filed Friday. Transocean, the offshore driller, anticipates closing the deal on or about December 1 if the court signs off.
The terms and the calendar
Transocean would buy every Valaris common share for 15.235 Transocean shares each, through a court-sanctioned scheme of arrangement under Bermuda law. The two companies signed their business combination agreement on February 9.
Transocean's shareholders meet on November 24 to vote on matters tied to the deal, and also on an unrelated proposal to amend the company's Articles of Association. Valaris shareholders hold a special court-ordered meeting the same day to vote on the scheme.
If both votes pass, Valaris will ask the Supreme Court of Bermuda to sanction the scheme. That hearing is set for Thursday, November 26 at 11:00 a.m. Bermuda time in Hamilton, and Valaris shareholders of record may appear in person or by counsel.
A driller of ultra-deepwater rigs
Transocean provides offshore contract drilling, renting out mobile rigs with crews to drill oil and gas wells. As of February 17, 2026, it owned or partly owned and operated 27 mobile offshore drilling units: 20 ultra-deepwater drillships and seven harsh-environment semisubmersibles.
The joint proxy statement went to the SEC on October 14.
Regulators and the road to December 1
If the court sanctions the scheme, Transocean expects all conditions to closing will be met and the combination to be completed on or about December 1.
Regulatory clearance has advanced. Brazil's antitrust authority approved the deal without conditions, according to a Zacks report dated October 20, which also says the Justice Department cleared it in September.
The next dates are November 24 for both shareholder votes and November 26 for the Bermuda sanction hearing.
Sources
- 8-K Filing — Transocean Ltd. (RIG) — SEC EDGAR
- Transocean Advances $5.8B Valaris Deal With Brazil Antitrust Nod — Yahoo Finance
