Approved · Notification · Phase 1 · filed 16 June 2026
Resources & MiningMN-25019ACCC register
Transocean Limited proposes to acquire Valaris Limited through a merger. Post-transaction, Transocean shareholders will own approximately 53% of the combined entity, with Valaris shareholders holding 47%. Both companies provide offshore contract drilling services globally, supplying rigs to oil and gas producing customers.
Transocean Limited ( Transocean ) proposes to acquire Valaris Limited ( Valaris ) (the Acquisition ) by way of merger, where Transocean shareholders will own approximately 53% of the combined entity and Valaris shareholders will own the remaining 47%. Transocean and Valaris both provide offshore contract drilling services globally through a fleet of owned and operated mobile offshore drilling units including jackups, semisubmersibles and drillships (together, rigs ). Transocean and Valaris supply these rigs, associated equipment and work crews to oil and gas producing customers for use in offshore exploration, appraisal, development drilling, workovers and ‘plug and abandonment’ activities. Transocean owns and operates a rig fleet comprised of 20 drillships (three of which are stacked) and seven semisubmersibles. Stacked rigs refer to rigs that are not currently in service and are instead in a preservation or dormant state. Transocean does not own or operate any jackups. In Australia, Transocean currently has two semisubmersibles under contract and a drillship due to commence operation in Australia in 2027. Valaris currently owns and operates 31 jackups (seven of which are currently stacked), one semisubmersible and 13 drillships (three of which are currently stacked). In Australia, Valaris currently has one jackup under contract.