Transocean and Valaris Announce Merger Agreement

Transocean Ltd. and Valaris Limited have entered into a business combination agreement, filed as Exhibit 2.1 in a Transocean SEC 8-K. The agreement outlines a scheme of arrangement framework, proxy statement and meeting process, court proceedings, and an effective-time mechanism.

The filing also covers exchange procedures and payment of consideration, including treatment of Valaris warrants and incentive awards, plus covenants addressing conduct of business and key regulatory approvals. The document includes provisions for CFIUS approval and employee matters as conditions tied to closing.