Processing timeline
35
days
Filed
16 June 2026
Decision Due
28 July 2026
Est decision date: 19 July 2026. Based on 40 decided Professional & Business Services notifications.
Acquirer(s)
Transocean Limited IRS Employer Identification Number - 98-0599916
Target(s) or Vendor(s)
Valaris Limited Bermuda number - 56245
Other parties
None listed
Transocean Limited proposes to acquire Valaris Limited via merger. Both companies provide offshore contract drilling services globally, supplying rigs and crews to oil and gas customers. Post-merger, Transocean shareholders will own approximately 53% and Valaris shareholders 47% of the combined entity.
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.
The ACCC has prepared a questionnaire on the Acquisition. Submissions or information in response to the questionnaire should be provided by 23 June 2026 via email to mergers@accc.gov.au with the title Submission re: Transocean – Valaris. The ACCC’s ability to give detailed consideration to submissions received after this time may be limited.