The $5.8 billion merger between Swiss offshore drilling giant Transocean and U.S.-listed offshore drilling vessel owner Valaris is facing an antitrust review delay. The merger application from the two offshore drilling giants is currently under joint review by the U.S. Federal Trade Commission (FTC) and the U.S. Department of Justice’s Antitrust Division.
This merger is contingent upon the fulfillment or exemption of several conditions, including the expiration or termination of the applicable waiting period under the amended Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
Following the signing of the definitive merger agreement in February 2026, Transocean and Valaris filed their HSR merger notification with the FTC and the Antitrust Division of the U.S. Department of Justice on March 2; on April 1, Transocean announced the withdrawal of its initial filing and resubmitted it on April 3.
On May 4, 2026, the FTC and the Antitrust Division of the U.S. Department of Justice requested that Transocean and Valaris provide supplemental information and written materials in accordance with the HSRA filing requirements. This was the second request for information issued by U.S. authorities during their review of the merger.
On May 4, 2026, the FTC and the Antitrust Division of the U.S. Department of Justice requested that Transocean and Valaris provide supplemental information and written materials in accordance with the HSRA filing requirements. This was the second request for information issued by U.S. authorities during their review of the merger.
Transocean explained that this move will extend the waiting period stipulated in the HSR Act, which will be extended by an additional 30 days following the substantive completion of the second round of submissions by the two companies, unless the parties voluntarily extend the waiting period or the U.S. Department of Justice terminates it early. The company emphasized: “The parties will continue to cooperate with the U.S. Department of Justice during its review of the proposed transaction.”
According to previous reports, Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion, with the deal expected to close in the second half of 2026.
The two companies said that the merged entity will have a diversified offshore drilling fleet comprising a total of 73 drilling rigs, including 33 ultra-deepwater drilling vessels, 9 semi-submersible drilling rigs, and 31 modern jack-up drilling rigs.
Following the merger, the new company will become one of the world’s largest and most diversified offshore drilling companies, with operations spanning deepwater, harsh-environment, and shallow-water markets. Transocean and Valaris will hold 53% and 47% of the new company, respectively.