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Valaris (VAL) investor relations material
Valaris Proxy filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Business Combination Agreement provides for Transocean to acquire all outstanding common shares for 15.235 Transocean shares per share through a Bermuda court-sanctioned scheme; closing anticipated on or about Dec. 1, 2026, subject to approvals and court sanction.
Valaris and Transocean filed their joint definitive proxy statement on Oct. 14, 2026; shareholder meetings are scheduled for Nov. 24, 2026.
Voting matters and shareholder proposals
At the Nov. 24, 2026 court-ordered meeting, shareholders will vote on the scheme of arrangement and related transaction matters; Transocean shareholders will vote on required transaction matters at their extraordinary general meeting.
If both shareholder approvals are obtained, an application will be made to the Supreme Court of Bermuda for sanction; the hearing is scheduled for Nov. 26, 2026 at 11:00 a.m. Bermuda time.
Shareholder rights and capital structure
The scheme would exchange each outstanding common share for 15.235 Transocean shares; securities issued under the scheme are anticipated to rely on a U.S. registration exemption under Securities Act Section 3(a)(10).
Shareholders of record may appear in person or by counsel at the Bermuda sanction hearing.
- Backlog exceeded $3.9B as repricing and reactivations drove growth expectations.VAL
Q4 2023 - CADE cleared the combination; closing is anticipated in Q4 2026, pending remaining conditions.VAL
Proxy filing - A 15.235-for-one share exchange would combine the businesses, subject to votes and closing conditions.VAL
Proxy filing - Shareholders will vote on a major acquisition, cleared by antitrust review, closing in Q4 2026.VAL
Proxy filing - Q2 2026 delivered higher revenues and margins, but year-over-year results declined amid industry headwinds.VAL
Q2 2026 - Transocean's acquisition of Valaris advances with key regulatory approvals and pending shareholder vote.VAL
Proxy filing - Shareholders to vote on a merger exchanging Valaris shares for Transocean shares at a 15.235:1 ratio.VAL
Proxy filing - Q1 2026 delivered $465M revenue, $67M EBITDA, a $4.9B backlog, and a narrowed net loss.VAL
Q1 2026 - Q2 net income hit $151M, revenue rose 47%, and backlog reached $4.3B on strong demand.VAL
Q2 2024
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