Switzerland-based offshore drilling contractor Transocean’s business combination with the Bermuda-incorporated Valaris is facing extended antitrust scrutiny, as the offshore drilling giants’ merger request is under review with the Federal Trade Commission and the Antitrust Division of the United States Department of Justice (DOJ).
The two rig owners signed a definitive agreement in February 2026 to allow Transocean to acquire Valaris in an all-stock transaction valued at approximately $5.8 billion in a bid to establish a combined company with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semi-submersibles, and 31 modern jack-ups.
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The closing of the business combination is subject to, among other things, the satisfaction or waiver of certain conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR Act).
Transocean and Valaris each filed an HSR Act notification with the Federal Trade Commission and the Antitrust Division of the United States Department of Justice on March 2, 2026. The Swiss giant withdrew its filing under the HSR Act on April 1, 2026, and subsequently refiled on April 3, 2026.
Both companies received a request for additional information and documentary materials on May 4, 2026, which is the second request from the DOJ in connection with the review of the transactions contemplated by the agreement. These requests were issued under the notification requirements of the HSR Act.
As explained by Transocean, the requests extend the HSR Act waiting period until 30 days after each rig owner substantially complied with the second request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the DOJ.
“The parties continue working cooperatively with the DOJ as it reviews the proposed transaction,” emphasized the Swiss offshore drilling player.
Upon completion, the Swiss player will hold 53% of the shareholding on a fully diluted basis, and the Bermuda-based rig owner the remaining 47%.
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