Valaris Holders Vote November 24 On Transocean Deal, With Bermuda Court Hearing Two Days Later
Closing is anticipated on or about December 1 if the Bermuda court sanctions the share-exchange scheme.
Valaris, the offshore drilling contractor, said Friday that the Supreme Court of Bermuda will hear its request to sanction the Transocean takeover on Thursday, November 26. If the court approves, Valaris anticipates the deal will close on or about December 1, 2026.
Two votes, then a courtroom
Under the Business Combination Agreement, Transocean would buy all Valaris common shares, paying 15.235 Transocean shares for each Valaris share. The deal is structured as a court-sanctioned scheme of arrangement under Bermuda law.
Both the special court-ordered meeting of Valaris holders and Transocean's extraordinary general meeting are set for November 24. Valaris holders vote on the scheme, and Transocean holders vote on related matters.
The sanction hearing follows at 11:00 a.m. Bermuda time at the Commercial Court in Hamilton. Valaris shareholders of record may appear in person or through counsel.
If the court sanctions the scheme, Valaris anticipates that all conditions to closing will be satisfied and the combination completed on or about December 1, 2026.
A drilling fleet changes hands
Valaris provides drilling rigs and crews to oil and gas companies, paid mainly through a day rate, a daily fee for the rig and crew. As of February 20, 2026, it owned 46 rigs: 13 drillships, two semisubmersibles and 31 jackups. Its ARO joint venture with Saudi Aramco owns nine more.
Transocean's announcement put the combined fleet at 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups.
Path to the vote
The companies signed the agreement on February 9, 2026, and filed a joint definitive proxy statement with the SEC on October 14. Brazil's antitrust authority has since approved the deal unconditionally, according to coverage dated October 20. That decision is to be published in Brazil's Official Journal before a 15-day waiting period begins.
The November 24 shareholder votes come first, followed by the Bermuda sanction hearing on November 26.
Sources
- 8-K Filing — Valaris Ltd (VAL) — SEC EDGAR
- Transocean Advances $5.8B Valaris Deal With Brazil Antitrust Nod — Yahoo Finance
