Feb 2026
Conyers is advising Valaris Limited (“Valaris”) on all aspects of Bermuda law in connection with its all-stock combination with Transocean Ltd. (“Transocean”).
Transocean (NYSE: RIG) and Valaris (NYSE: VAL) announced on 9 February 2026 the signing of a definitive agreement to combine the two companies under which Transocean will acquire Valaris in an all stock transaction valued at approximately US$5.8 billion. The shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53% for Transocean and 47% for Valaris. The enterprise value of the pro forma company is approximately US$17 billion.
The transaction will be carried out by way of a court-supervised scheme of arrangement under section 99 of the Companies Act 1981, as amended, of Bermuda.
Conyers is advising on all aspects of Bermuda law in connection with the transaction and scheme of arrangement.
Directors Jennifer Panchaud, Marcello Ausenda, Neil Henderson and Rhys Williams of Conyers’ Bermuda office and Counsel Karoline Tauschke of the London office are advising on the matter, working alongside Goldman Sachs & Co. LLC and Skadden, Arps, Slate, Meagher & Flom LLP, Lenz & Staehlin.