The merger of Swiss-based offshore drilling company Transocean’s business with Bermuda-listed Valaris faces expanded antitrust scrutiny, with the offshore drilling giants’ merger application undergoing review with the Federal Trade Commission and the Antitrust Division of the US Department of Justice (DOJ).
The owners of the platform signed Final agreement In February 2026 to allow Transocean to acquire Valaris in an all-stock deal worth approximately $5.8 billion in an effort to establish a joint venture with a diversified offshore fleet of 73 platforms, including 33 ultra-deepwater drillships, nine semi-submersible submarines, and 31 state-of-the-art cranes.
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 (the HSR Act).
Transocean and Valaris filed an HSR notice with the Federal Trade Commission and the US Department of Justice’s Antitrust Division on March 2, 2026. The Swiss giant withdrew its HSR filing on April 1, 2026, and later refiled it on April 3, 2026.
Both companies received a request for additional information and documentary materials on May 4, 2026, the second request from the Department of Justice in connection with a review of the transactions contemplated by the agreement. These orders are issued pursuant to the notification requirements set forth in the HSR Act.
As Transocean explained, the orders extend the waiting period under the HSR Act until 30 days after each platform owner has substantially complied with the second order, unless the waiting period is voluntarily extended by the parties or earlier terminated by the DOJ.
“The parties continue to work collaboratively with the Department of Justice as it reviews the proposed transaction.” The Swiss offshore drilling player confirmed.
Upon completion, the Swiss player will own 53% of the shares on a fully diluted basis, with the Bermuda rig owner holding the remaining 47%.
Boost your brand with marine energy ⤵️
Steal the spotlight and establish your brand in the heart of the outside world!
Join us to make a greater impact and grow your presence at the core of the marine energy community!
