PresentationHello, and welcome, everyone joining today's Stronger Together Investor Call with Transocean and Valaris. [Operator Instructions] Please note, this call is being recorded, and we are standing by should you need any assistance. It is now my pleasure to turn the meeting over to David Keddington, Vice President and Treasurer at Transocean.David Keddington Thank you, Britney, and good morning, everyone. Welcome to our conference call to discuss today's exciting combination of Transocean and Valaris. ...

Transocean to acquire Valaris in $5.8B all-stock deal Proactive uses images sourced from Shutterstock Transocean (NYSE:RIG) and Valaris (NYSE:VAL) announced on Monday that they have entered a definitive agreement to combine the two offshore drilling companies, with Transocean acquiring Valaris in an all-stock transaction valued at approximately $5.8 billion. Under the agreement, Transocean shareholders are expected to hold about 53% of the combined company on a fully diluted basis, while Valaris sharehol ...

Transocean Ltd. has signed a definitive agreement to acquire rival offshore driller Valaris Limited in an all-stock transaction valued at roughly $5.8 billion, combining two of the industry’s most modern offshore rig fleets into a single global operator. The merged company will have an enterprise value of about $17 billion and an estimated market capitalization of $12.3 billion on a pro forma basis. Under the terms of the deal, Valaris shareholders will receive 15.235 shares of Transocean for each Valar ...

Summary of Transocean and Valaris Conference Call Industry and Companies Involved - **Industry**: Offshore drilling - **Companies**: Transocean (NYSE:RIG) and Valaris Core Points and Arguments 1. **Transaction Announcement**: The call was held to discuss the merger between Transocean and Valaris, highlighting the strategic rationale behind the combination [2][4]. 2. **Deal Rationale**: The merger is expected to create significant value for shareholders and customers, enhancing the companies' strategic priorities and operational capabilities [4][5]. 3. **Market Timing**: The companies believe they are at the beginning of a multi-year upcycle in offshore drilling, which makes this acquisition timely [5]. 4. **Fleet Enhancement**: The combined fleet will include high-specification drill ships, semi-submersibles, and a modern jackup fleet, expanding capabilities in harsh environments and new geographies [5][10]. 5. **Cost Synergies**: The transaction is expected to generate over $200 million in annual cost synergies, which will contribute to a leaner and more profitable enterprise [6][13]. 6. **Debt Reduction**: The merger aims to improve the financial foundation of both companies, with a pro forma backlog exceeding $10 billion, allowing for significant cash flow and a targeted leverage ratio of about 1.5 times within 24 months [8][9]. 7. **Operational Performance**: Transocean reported an uptime performance of nearly 98% and zero operational integrity events in the previous year, emphasizing their commitment to safety and reliability [7]. 8. **Future Cash Flow**: The companies expect a 150% increase in deepwater project sanctioning by the end of 2027, positioning the combined fleet to meet rising demand [9]. 9. **Cultural Alignment**: Both companies share a culture focused on safety and customer service, which is expected to enhance operational efficiency post-merger [11][12]. 10. **Regulatory Confidence**: A comprehensive review indicated no significant regulatory issues anticipated with the transaction, particularly in overlapping regions like Brazil [21][22]. Additional Important Content 1. **Strategic Asset Management**: The companies have already rationalized their fleets, divesting over 65 rigs to align with current market demands [39]. 2. **Long-term Plans for Jackup Fleet**: The management intends to continue operating the jackup fleet, which is expected to generate strong cash flow amid increasing upstream CapEx [62]. 3. **Shareholder Returns**: While deleveraging is a priority, the companies will evaluate options for returning cash to shareholders once the leverage ratio is at acceptable levels [27][41]. 4. **Operational Efficiencies**: Most cost savings from the merger will come from operational efficiencies and eliminating redundancies, with minimal associated costs for realizing these savings [32]. This summary encapsulates the key points discussed during the conference call regarding the merger between Transocean and Valaris, focusing on strategic benefits, financial implications, and operational synergies.

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the merger of Transocean Ltd. (NYSE: RIG) and Valaris Limited. Upon completion of the proposed transaction, Transocean shareholders will own approximately 53% of the combined company. Halper Sadeh encourages Transocean shareholders to click here to learn more about their rights and optionsor contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. T ...

Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026 Stronger Together Best fleet, best team, best customer service SHAREHOLDERS CUSTOMERS 2 • Provides enhanced exposure to anticipated offshore drilling upcycle • Superior execution through disciplined management and best operating practices • $200M+ in identified cost synergies to increase free cash flow • All-equity transaction accelerates deleveraging and is accretive on key financial metrics • Meets growing demand with the world's highest-spe ...

Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026 Stronger Together Best fleet, best team, best customer service SHAREHOLDERS CUSTOMERS Generating Increased Value and Returns 2 • Provides enhanced exposure to anticipated offshore drilling upcycle • Superior execution through disciplined management and best operating practices • $200M+ in identified cost synergies to increase free cash flow • All-equity transaction accelerates deleveraging and is accretive on key financial metrics • Meets grow ...

Group 1: OpenAI and AI Sector - OpenAI is nearing a monumental $100 billion funding round, which would value the company at approximately $830 billion, driven by a resurgence in growth with ChatGPT exceeding 10% monthly growth [3][7] - Nvidia is reportedly close to investing about $20 billion in OpenAI as part of this funding initiative, highlighting strong investor confidence in the AI sector [3] Group 2: Alphabet's Financial Moves - Alphabet (GOOGL) plans to raise approximately $15 billion through a new US bond sale, aimed at general corporate purposes including debt repayment and investments in AI [4][7] Group 3: Uber's Strategic Acquisition - Uber Technologies Inc. (UBER) is acquiring Getir's food delivery business for $335 million and will invest an additional $100 million for a 15% stake in Getir's broader operations in Türkiye [5][7] Group 4: Offshore Drilling Consolidation - Transocean (RIG) announced its intention to acquire Valaris (VAL) in an all-stock transaction valued at approximately $5.8 billion, creating a combined entity with a pro forma enterprise value of around $17 billion [6][7] Group 5: Ferrari's Electric Vehicle Launch - Ferrari (RACE) has introduced "Ferrari Luce," its new full-electric sports car, with plans for its debut in October 2026, marking a significant entry into the electric vehicle market [8][7] Group 6: MicroStrategy's Bitcoin Strategy - MicroStrategy (MSTR) purchased an additional 1,142 Bitcoin for approximately $90 million, reinforcing its position as a leading corporate holder of Bitcoin [9] Group 7: Currency and Economic Insights - The IMF Chief has downplayed concerns regarding the dollar's short-term fluctuations, noting a 1.2% decline in January 2026, while contextualizing it within a broader historical perspective [10]

Core Viewpoint - Transocean has agreed to acquire Valaris in an all-stock transaction valued at $5.8 billion [1] Company Summary - The acquisition will enhance Transocean's position in the offshore drilling services market [1] - Valaris is a fellow offshore drilling services company, indicating a strategic consolidation within the industry [1] Financial Summary - The deal is structured as an all-stock transaction, which may impact the financial metrics of both companies [1] - The total value of the acquisition is $5.8 billion, reflecting significant investment in the offshore drilling sector [1]

Core Viewpoint - The merger between Transocean Ltd. and Valaris Limited aims to create a leading offshore drilling company with a combined enterprise value of approximately $17 billion, enhancing operational capabilities and financial flexibility in a growing market [1][3][9]. Company Overview - Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion, resulting in a shareholding distribution of about 53% for Transocean and 47% for Valaris in the combined entity [1][9]. - The combined company will operate a diversified fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles, and 31 modern jackups, capable of serving various offshore environments [4][8]. Financial Implications - The merger is expected to unlock over $200 million in cost synergies, complementing Transocean's ongoing cost-reduction initiatives, which aim to reduce costs by more than $250 million through 2026 [5][8]. - The combined backlog of approximately $10 billion will enhance cash flow visibility and financial stability for the new entity [5]. Leadership and Structure - The senior management team will be led by Transocean's CEO Keelan Adamson, with Jeremy Thigpen serving as Executive Chairman of the Board, which will include nine current Transocean directors and two from Valaris [6]. - Transocean will remain incorporated in Switzerland, with its primary administrative office located in Houston [6]. Market Position and Strategy - The merger is strategically timed to capitalize on an emerging multi-year offshore drilling upcycle, positioning the combined company as an industry leader with enhanced customer access in attractive offshore basins [3][8]. - The estimated pro forma market capitalization of the combined company is projected to be $12.3 billion, improving trading liquidity and capital markets profile [8].