Transocean Ltd (switzerland) · NYSE:RIG
Transocean Ltd (switzerland) — Transocean — Merger or Acquisition (February 2026)
17 slides from Transocean Ltd (switzerland)'s merger presentation, Feb 9, 2026
Slide 1: Stronger Together: Transocean to Acquire Valaris
Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026
Slide 2: Stronger Together: Generating Increased Value and Returns
• Meets growing demand with the world's highest-specification, diversified offshore fleet • Proven, high-performing teams in the most technically challenging environments • Enhances our capability to innovate and deploy leading technology • Improved performance for customers through increased financ
Slide 3: Optimal Structure and Leadership
Optimal Structure and Leadership • Pro forma EV and market cap: $17.2B, $12.3B, respectively • Accretive all-stock deal; exchange ratio of 15.235 shares of RIG for each VAL share; PF ownership: ~53% RIG, ~47% VAL • CEO: Keelan Adamson • Executive Board Chair: Jeremy Thigpen • Board composition: nine
Slide 4: Combination Accelerates Value Creation
• Best-in-class management operates best-in-class fleet • Delivers superior customer service • Broadens global reach and deepens customer base • Improves efficiencies • Strengthens balance sheet • Accelerates deleveraging • Increases financial flexibility • Lowers cost of capital and enhances liquid
Slide 5: Delivering Superior Customer Service with Premier Fleet
24 – 7 th generation 2 – 8 th generation 11 – harsh environment 20 – benign environment 7 – harsh environment 2 – benign environment Delivering Superior Customer Service with Premier Fleet Complementary high-spec assets create an industry leader 33 Drillships 9 Semi-Submersibles 31 Jackups 20 13 7 2
Slide 6: Active and Experienced in all Key Offshore Basins
2 Gulf of America North Sea Africa Trinidad Australia SE Asia Med & Black Sea Brazil Active and Experienced in all Key Offshore Basins 1 11 9 1 1 2 4 9 1 5 1 2 1 1 Middle East 8 Drillship Semi-Submersible Jackup Rig Type 78% 35% Rigs Operate in Harsh Environments 1. The rig count numbers represent a
Slide 7: Aligns with Growing Offshore Demand and Activity
Aligns with Growing Offshore Demand and Activity Combination creates the right investment at the right time Offshore Upstream Development Capex ($B)1 6 4 6 9 13 8 9 16 2 0 1 3 0 10 20 30 40 50 0 10 20 30 2024 2025E 2026E 2027E Exploration Greenfield Brownfield # of Projects (right axis) Deepwater Pr
Slide 8: Industry-Leading Backlog and Customer Portfolio
Industry-Leading Backlog and Customer Portfolio Provides long-term cash flow visibility 1. Peers include ADES, Borr, Noble, Odfjell, and Seadrill backlogs as of their most recent investor presentations. 2. Transocean and Valaris backlog data sourced from respective October 2025 Fleet Status Reports,
Slide 9: Jackups Contribute Strong Incremental Cash Flow
Attractive position in Australia with a high-spec asset Well-positioned in Saudi Arabia through ARO Drilling JV — largest benign environment jackup region Growing position in Trinidad with two rigs, increasing to three by mid-26 Backlog with Quality Global Operators Jackups Contribute Strong Increme
Slide 10: Deal-Related Synergies Additive to Transocean's Cost Reductions
Deal-Related Synergies Additive to Transocean’s Cost Reductions • Consolidate overlapping global operations and shorebase support • Streamline operations and integrate technical expertise • Capture supply chain savings from greater scale • Eliminate redundant G&A expenses • Implement best practices
Slide 11: Transaction Advances Strategic Priority to Delever
Transaction Advances Strategic Priority to Delever Est. at Deal Close Within 24 Months Net Debt / LTM Adj. EBITDA1 ~3.0x ~1.5x 50% Improvement Expected Debt Reduction 11 Organic cost savings, transaction synergies and reduced leverage expected to create more sustainable cash flow and accelerate shar
Slide 12: Stronger Together
Stronger Together Best fleet, best team, best customer service Expanded geographic reach and customer base $200M+ of identified incremental cost savings Accelerates debt paydown and enhances returns to shareholders 12 Creates exceptional investment exposure to the offshore upcycle
Slide 13: Forward-looking statements
This communication includes certain “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, those statements related to the proposed transaction, including financial estimates and statements as to the expected timing, completion and effects of t
Slide 14: Forward-looking statements (continued)
(xviii) the risk that Transocean’s or Valaris’ share price may decline significantly if the proposed transaction is not consummated; (xix) there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (xx) commodity price fluctuations and v
Slide 15: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders Important Additional Information and Where to Find It The transaction relates to the proposed business combination of Transocean and Valaris pursuant to the terms of the Business Combination Agreement, dated February 9, 2026, and is being made by
Slide 16: Participants in the Solicitation
Important Information for Investors and Stockholders Participants in the Solicitation Transocean, Valaris and their respective directors and executive officers and certain other members of management and employees may be considered be participants in the solicitation of proxies from the shareholders
Slide 17: “fF VALARIS
“fF VALARIS Transocean ""