Transocean grants board seat to major shareholder Famatown in connection with Valaris merger

Filed May 19, 2026 · Period ending May 19, 2026 · ~1 min read

Key Changes

• high

  Transocean granted Famatown Finance Limited the right to nominate Kristian Johansen to its board, contingent on shareholder approval at an extraordinary meeting and completion of the Valaris acquisition. Famatown retains re-nomination rights for two years.

  Item 1.01: Support Agreement verify on EDGAR →
• high

  Transocean secured a Support Agreement with CEO Kristian K. Johansen and five major shareholders for the proposed Valaris merger. The transaction will proceed via Bermuda scheme of arrangement, with joint preliminary proxy filed May 19, 2026.

  Item 1.01: Valaris Merger verify on EDGAR →
• medium

  If Johansen is not elected, Famatown can nominate a replacement director. When no Famatown nominee serves on the board during the two-year period, Famatown has the right to appoint an observer to all board and committee meetings.

  Item 1.01: Observer Rights verify on EDGAR →