Transocean to acquire Valaris; Q1 revenue up 19% on higher utilization and dayrates

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 29, 2025 · ~1 min read

Key Changes

• high

  Announced all-stock acquisition of Valaris at 15.235 Transocean shares per Valaris share, consolidating two major offshore drillers in a transformative business combination with no disclosed closing timeline.

  MD&A: Valaris acquisition verify on EDGAR →
• high

  Contract drilling revenues rose 19% to $1.08 billion driven by utilization improving from 63% to 87%, average dayrates up 19.3% to $476k/day, and revenue efficiency reaching 97%.

  MD&A: Operating results verify on EDGAR →
• high

  Redeemed $358 million of 8.375% senior secured notes due 2028 for $365 million cash, eliminating near-term maturity and reducing interest expense going forward.

  MD&A: Debt redemption verify on EDGAR →