New York, Feb 10, 2026, 05:24 EST — Premarket
Valaris Limited shares slipped in premarket trading Tuesday, following a big surge the previous session after Transocean said it would acquire the offshore driller through an all-stock transaction.
Valaris shares slipped around 2% to $82.18, following a 34.3% surge on Monday that took the stock to a close of $83.82. 1
This is suddenly important, since the offer comes in shares, not in cash. Stock-for-stock deals like this one usually mean the target’s price will track the buyer’s shares, as traders work through the numbers on the exchange ratio.
The “spread” is also in focus. That’s the difference between Valaris’ market price and what Transocean’s stock suggests it should be. When the gap widens, it signals the market is demanding more to account for time, volatility, and risks tied to the deal.
Transocean is set to hand over 15.235 of its own shares for every Valaris share, putting Valaris’ value at $82.12 per share—a 31.6% premium over its last close, according to Reuters calculations. The deal, pending both shareholder and regulatory sign-off, is slated to wrap up in the second half of 2026. 2
Transocean CEO Keelan Adamson described the deal as “well-timed” for the offshore drilling upcycle, pointing to “more than $200 million” in identified cost synergies. Valaris boss Anton Dibowitz highlighted how the merger brings together Transocean’s deepwater assets with Valaris’ jackup rigs, saying the combined group would be “capable of operating any rig at any water depth.”
According to a Valaris filing, the transaction takes the form of a court-approved scheme of arrangement governed by Bermuda law. The companies also intend to submit joint proxy materials to the SEC before putting the deal to a shareholder vote.
Transocean closed out Monday with a 5.9% gain at $5.71, only to dip after hours—a move that pushed on Valaris shares early Tuesday. Since the exchange ratio is locked in, Valaris’ implied value now tracks wherever Transocean’s stock heads. 3
Even so, there’s a clear risk. If approvals drag on, Transocean shares slide, or customers and regulators balk, the spread could widen—with Valaris taking the hit, deal or no deal.
Investors, for the moment, are shrugging off the initial surge and zeroing in on what’s next. Valaris is set to report its fourth-quarter 2025 numbers before the NYSE bell on Feb. 19, followed by a 10 a.m. ET conference call. 4
