Hogan Lovells represents Transocean in agreement to acquire Valaris
Published by Elizabeth Corner,
Senior Editor
Oilfield Technology,
Global law firm Hogan Lovells is advising Transocean Ltd, a leading international provider of offshore contract drilling services for oil and gas wells, in connection with its pending acquisition of Valaris Limited, an industry leader in offshore drilling services across all water depths and geographies, in a deal valued at approximately US$5.8 billion. Together, the combined company is expected to have an enterprise value of US$17 billion.
The transaction brings together highly complementary, premium offshore assets able to serve customers in deepwater, harsh environment, and shallow water basins around the world. The deal will create an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, to meet emerging growth opportunities.
Under the terms of the all-stock transaction, Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean stock for each common share of Valaris.
Transocean specialises in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Valaris operates a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, and has experience operating in nearly every major offshore basin.
The Hogan Lovells deal team representing Transocean was led by partners Peter Cohen-Millstein and Megan Ridley-Kaye (both M&A, New York), Bruce Oakley (Litigation, Houston), senior associates Malcolm Evans and Zachary Suggs (both M&A, New York), and associate Nic Runnels (M&A, New York).
Read the latest issue of Oilfield Technology magazine for upstream news, project stories, industry insight and technical articles.
Oilfield Technology’s January/February 2026 issue
The January/February 2026 issue of Oilfield Technology focuses on how the oil and gas industry is navigating a period of capital discipline, digital acceleration, and operational complexity by extracting more value from existing assets. With a strong focus on digitalisation, AI, and advanced analytics, the articles examine how operators are optimising performance, improving safety, and extending field life, while also addressing the risks that come with increased reliance on intelligent systems. Alongside digital strategy, the issue covers practical engineering challenges – from corrosion protection and water treatment to lifting, logistics, and pumping technologies – reflecting an industry balancing innovation, resilience, and energy security in a rapidly evolving global landscape.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/17022026/hogan-lovells-represents-transocean-in-agreement-to-acquire-valaris/
You might also like
Wood Mackenzie: UK Energy Transition Outlook shows 12-point gap on 2030 climate target despite £1.5 - 2.1 trillion investment pathway to 2060
Nearly all 2030 targets now unattainable despite historic coal phaseout; offshore wind deployment trails by 20% as government races to address grid bottlenecks and spiralling costs.