Transocean Sets Nov 26 Bermuda Sanction Hearing, Targets Dec 1 Valaris Close
RIG sits 83% above its 52-week low of $3.495.
Summary
Transocean scheduled the Bermuda court sanction hearing for November 26, 2026 and said it expects to complete its $5.8B all-stock acquisition of Valaris on or about December 1, 2026, assuming shareholders approve on November 24.
Key Events · M&A and Partnerships · RIG
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Sanction Hearing Set for Nov 26
The Supreme Court of Bermuda will hold the Sanction Hearing on Thursday, November 26, 2026 at 11:00 a.m. Bermuda time to rule on the Valaris scheme of arrangement.
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Closing Targeted for December 1, 2026
If the court grants the sanction order, Transocean anticipates all conditions will be satisfied and the Business Combination will be consummated on or about December 1, 2026.
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Shareholder Votes November 24
The Transocean extraordinary general meeting and the Valaris Court Meeting are both scheduled for November 24, 2026, per the joint definitive proxy filed October 14, 2026.
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Exchange Ratio Unchanged at 15.235
Transocean will acquire all outstanding Valaris shares for 15.235 Transocean shares per Valaris share under the Business Combination Agreement dated February 9, 2026; no terms were revised in this filing.
Analysis · RIG · Energy & Transportation
The last remaining step in Transocean's $5.8B all-stock takeover of Valaris now has a date: the Bermuda Supreme Court sanction hearing on November 26, 2026, two days after the November 24 shareholder votes. Should the court sanction the scheme, Transocean expects to close on or about December 1, 2026. The exchange ratio stays at 15.235 Transocean shares per Valaris share, so the dilution math is unchanged from the February 9, 2026 agreement; what is new is that the deal now has a concrete closing window rather than an open-ended Q4 target. Remaining risk sits with shareholder approval at both meetings and the court's discretion at the sanction hearing.
How filings like this one have moved
In the 30 days to Oct 23, 2026, 29.2% of the 1549 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.17%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RIG was trading at $6.40 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $3.50 to $7.66. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.