MergerJul 1, 2026, 09:07 AM
Transocean Receives CFIUS Approval for Valaris Merger
AI Summary
Transocean Ltd. announced it received Committee on Foreign Investment in the United States (CFIUS) approval for its business combination with Valaris Limited. The Hart-Scott-Rodino Act review by the Department of Justice is ongoing, with the transaction still expected to close in the second half of 2026. Additionally, Transocean secured a new agreement with Equinor for three harsh environment semisubmersible rigs, adding over $1 billion to its contract backlog over seven rig years.
Key Highlights
- Transocean received CFIUS approval for its business combination with Valaris on June 29, 2026.
- HSR Act review by the DOJ is ongoing; parties committed not to certify compliance before July 31, 2026.
- The business combination with Valaris is still expected to close in the second half of 2026.
- Transocean secured a new agreement with Equinor for three harsh environment semisubmersible rigs.
- The Equinor agreement is valued at over $1 billion in contract backlog over seven rig years.
- The base day rate for the rigs is $399,000 per day, with an effective rate exceeding $400,000.
- Programs for Transocean Enabler (3 years), Encourage (2 years), and Endurance (2 years) commence from Q1 2028 and Q2 2027.
Price Impact
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