{"asOf":"2026-10-19","currency":"USD","companies":{"valaris":{"name":"Valaris","periods":{"annual":[{"label":"2021","axisLabel":"2021","basis":"annual","values":{"revenue":null,"averageDailyRevenue":null,"floaterDailyRevenue":null,"jackupDailyRevenue":null,"totalUtilisation":null,"activeUtilisation":null,"floaterTotalUtilisation":null,"floaterActiveUtilisation":null,"jackupTotalUtilisation":null,"jackupActiveUtilisation":null,"revenueEfficiency":98,"ga":null,"gaRevenue":null,"adjustedEbitda":null,"adjustedMargin":null,"cfo":null,"capex":null,"fcf":null,"fcfPerShare":null,"debtPrincipal":550,"debtCarrying":545.3,"cash":608.7,"netDebt":-58.700000000000045,"netDebtEbitda":null,"cashInterest":null,"dilutedShares":null,"endShares":75,"shareChange":null,"debtChange":null,"cleanRigCost":null,"maintenanceCapex":null,"cashDebtRepayments":null,"cashDebtProceeds":null,"cashShareProceeds":null,"cashRepurchases":null},"evidence":{"debtPrincipal":{"sources":["val_k2023"],"note":"2028 first-lien notes; issued on emergence and redeemed in 2023.","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"debtCarrying":{"sources":["val_e2021"],"note":"Balance-sheet carrying value; not face principal.","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"cash":{"sources":["val_e2022"],"note":"","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"endShares":{"sources":["val_k2023"],"note":"Note 9 Shareholders equity, page 114: balance December 31 2021, common shares 75.0m, treasury shares cost zero; no share awards vested during the eight-month successor period, page 116. 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Not a fully diluted valuation.","kind":"Calculated","scope":"Same reporting boundary and period"},"netDebt":{"sources":["val_q2025"],"note":"","kind":"Calculated","scope":"Same reporting boundary and period"},"gaRevenue":{"sources":["val_q2026"],"note":"","kind":"Calculated","scope":"Same reporting boundary and period"},"adjustedMargin":{"sources":["val_e2025","val_q2026"],"note":"","kind":"Calculated","scope":"Same reporting boundary and period"}},"note":""},{"label":"H1 2026","axisLabel":"H1 2026","basis":"halfYear","values":{"revenue":1004.6,"averageDailyRevenue":null,"floaterDailyRevenue":445000,"jackupDailyRevenue":135000,"totalUtilisation":60,"activeUtilisation":77,"floaterTotalUtilisation":40,"floaterActiveUtilisation":53,"jackupTotalUtilisation":65,"jackupActiveUtilisation":92,"revenueEfficiency":98,"ga":52.5,"gaRevenue":5.225960581325901,"adjustedEbitda":163.2,"adjustedMargin":16.245271749950227,"cfo":88.1,"capex":206.4,"fcf":-118.30000000000001,"fcfPerShare":-1.682788051209104,"debtPrincipal":1100,"debtCarrying":1087.6,"cash":541.2,"netDebt":558.8,"netDebtEbitda":null,"cashInterest":null,"dilutedShares":70.3,"endShares":69.3,"shareChange":-1.7999999999999972,"debtChange":0,"cleanRigCost":null,"maintenanceCapex":null,"cashDebtRepayments":0,"cashDebtProceeds":0,"cashShareProceeds":null,"cashRepurchases":0},"evidence":{"revenue":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"cfo":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"capex":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"ga":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"cashInterest":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"dilutedShares":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"endShares":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"debtPrincipal":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"debtCarrying":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"cash":{"sources":["val_q2026"],"note":"","scope":"Valaris consolidated","kind":"Reported"},"adjustedEbitda":{"sources":["val_e2026"],"note":"Derived sum Q1 66.7 + Q2 96.5. 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Post-merger savings are not reported results."}],"restructuring":[{"label":"Jan–Apr 2021","axisLabel":"Jan–Apr 2021","basis":"restructuring","values":{"revenue":397.4,"averageDailyRevenue":null,"floaterDailyRevenue":null,"jackupDailyRevenue":null,"totalUtilisation":null,"activeUtilisation":null,"floaterTotalUtilisation":null,"floaterActiveUtilisation":null,"jackupTotalUtilisation":null,"jackupActiveUtilisation":null,"revenueEfficiency":null,"ga":30.7,"gaRevenue":7.725213890286865,"adjustedEbitda":null,"adjustedMargin":null,"cfo":-39.9,"capex":8.7,"fcf":-48.599999999999994,"fcfPerShare":-0.24348697394789576,"debtPrincipal":null,"debtCarrying":null,"cash":null,"netDebt":null,"netDebtEbitda":null,"cashInterest":0,"dilutedShares":199.6,"endShares":null,"shareChange":null,"debtChange":null,"cleanRigCost":null,"maintenanceCapex":null,"cashDebtRepayments":null,"cashDebtProceeds":520,"cashShareProceeds":null,"cashRepurchases":0},"evidence":{"revenue":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"cfo":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"capex":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"ga":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"cashInterest":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"dilutedShares":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"endShares":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"debtPrincipal":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"debtCarrying":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"cash":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"adjustedEbitda":{"sources":["val_k2023"],"note":"","scope":"Legacy Valaris consolidated; four months, Predecessor","kind":"Reported"},"fcf":{"sources":["val_k2023"],"note":"","kind":"Calculated","scope":"Same reporting boundary and period"},"fcfPerShare":{"sources":["val_k2023"],"note":"Arithmetic using the reported GAAP denominator; no assumed-conversion interest add-back. 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Cash issuance occurred in the predecessor cash-flow column even though notes continued after emergence."},"cashRepurchases":{"sources":["val_k2023"],"scope":"restructuring · Jan–Apr 2021","kind":"Reported","note":"Consolidated Statements of Cash Flows, page 79, financing activities, distinct predecessor and successor columns. 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No treasury shares at that date.","scope":"restructuring · May–Dec 2021","kind":"Reported"},"debtPrincipal":{"sources":["val_k2023"],"note":"2028 first-lien notes; issued on emergence and redeemed in 2023.","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"debtCarrying":{"sources":["val_e2021"],"note":"Balance-sheet carrying value; not face principal.","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"cash":{"sources":["val_e2022"],"note":"","scope":"Valaris consolidated; as of December 31, 2021","kind":"Reported"},"adjustedEbitda":{"sources":["val_k2023"],"note":"","scope":"Valaris consolidated; eight months, Successor","kind":"Reported"},"fcf":{"sources":["val_k2023"],"note":"","kind":"Calculated","scope":"Same reporting boundary and period"},"fcfPerShare":{"sources":["val_k2023"],"note":"Arithmetic using the reported GAAP denominator; no assumed-conversion interest add-back. 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Does not alone show the net change in outstanding shares.","core":false,"companies":["valaris","transocean"],"kind":"Reported"}],"sources":{"val_k2025":{"title":"FY2025 Form 10-K","url":"https://www.sec.gov/Archives/edgar/data/314808/000031480826000029/val-20251231.htm","date":"2026-02-20","location":"Financial statements, operating statistics and accompanying notes"},"val_k2023":{"title":"FY2023 Form 10-K","url":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm","date":"2024-02-22","location":"Financial statements, operating statistics and accompanying notes"},"val_q2026":{"title":"Q2 2026 Form 10-Q","url":"https://www.sec.gov/Archives/edgar/data/314808/000031480826000141/val-20260630.htm","date":"2026-08-06","location":"Financial statements, operating statistics and accompanying notes"},"val_q2025":{"title":"Q2 2025 Form 10-Q","url":"https://www.sec.gov/Archives/edgar/data/314808/000031480825000126/val-20250630.htm","date":"2025-07-31","location":"Financial statements, operating statistics and accompanying notes"},"val_p2025":{"title":"2026 Proxy; 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EBITDA definition change","url":"https://www.sec.gov/Archives/edgar/data/314808/000031480823000112/a06302023ex991pressrelease.htm","date":"2023-08-02","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2022_10K":{"title":"Transocean FY2022 Form 10-K","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150523000029/rig-20221231x10k.htm","date":"2023-02-23","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2023_10K":{"title":"Transocean FY2023 Form 10-K","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150524000015/rig-20231231x10k.htm","date":"2024-02-21","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2025_10K":{"title":"Transocean FY2025 Form 10-K","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000018/rig-20251231x10k.htm","date":"2026-02-23","location":"Financial statements, operating statistics and accompanying notes"},"rig_H12025_10Q":{"title":"Transocean June 2025 Form 10-Q","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150525000079/rig-20250630x10q.htm","date":"2025-08-05","location":"Financial statements, operating statistics and accompanying notes"},"rig_H12026_10Q":{"title":"Transocean June 2026 Form 10-Q","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000061/rig-20260630x10q.htm","date":"2026-08-07","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2021_earnings":{"title":"FY2021 earnings and reconciliations","url":"https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-reports-fourth-quarter-and-full-year-2021-results","date":"2022-02-22","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2023_earnings":{"title":"FY2023 earnings and reconciliations","url":"https://www.sec.gov/Archives/edgar/data/1451505/000155837024001319/rig-20240219xex99d1.htm","date":"2024-02-19","location":"Financial statements, operating statistics and accompanying notes"},"rig_FY2025_earnings":{"title":"FY2025 earnings and reconciliations","url":"https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-reports-fourth-quarter-and-full-year-2025-results","date":"2026-02-19","location":"Financial statements, operating statistics and accompanying notes"},"rig_H12026_earnings":{"title":"Q2 2026 earnings and reconciliations","url":"https://www.sec.gov/Archives/edgar/data/1451505/000145150526000058/rig-20260805xex99d1.htm","date":"2026-08-05","location":"Financial statements, operating statistics and accompanying notes"},"rig_Oct15_2026_financing":{"title":"Amended credit agreement and Aquila redemption","url":"https://investor.deepwater.com/news-releases/news-release-details/transocean-ltd-announces-amended-and-restated-credit-agreement","date":"2026-10-15","location":"Financial statements, operating statistics and accompanying notes"},"announcement":{"title":"Transocean to Acquire Valaris","url":"https://www.deepwater.com/news/detail?ID=29991","date":"2026-02-09","location":"Announced transaction terms and operating context; not completed combined-company results."},"presentation":{"title":"Stronger Together: Transocean to Acquire Valaris","url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926011776/tm265550d1_ex99-2.htm","date":"2026-02-09","location":"Slides 3 and 10: contractual exchange, ownership basis and proposed operating changes."},"announcement_call":{"title":"Acquisition of Valaris Limited by Transocean call transcript","url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926012387/tm265550d3_ex99-1.htm","date":"2026-02-09","location":"Transcript page 3 explicitly says annual deal-related synergies exceed $200m; page 6 gives no implementation-cost amount or operating/capital split. The later proxy provides additional cost disclosures."},"status_20261014":{"title":"Valaris Form 8-K, Item 8.01","url":"https://www.sec.gov/Archives/edgar/data/314808/000114036126039551/ef20083773_8k.htm","date":"2026-10-14","location":"CADE October 13 approval, waiting period, all regulatory conditions only upon finality, Q4 expected closing, definitive proxy filing."},"definitive_proxy":{"title":"Transocean and Valaris definitive joint merger proxy","url":"https://www.sec.gov/Archives/edgar/data/1451505/000110465926115680/tm269762-10_defm14a.htm","date":"2026-10-14","location":"Opening letter and meeting details; conditions pp.160–163; transaction costs and accounting boundaries Appendix J."}},"notes":["2021 fresh-start on April 30 created a new accounting entity. Predecessor Jan-Apr and Successor May-Dec amounts and shares are intentionally separate.","2021/2022 CFO and 2021 successor earnings use later audited FY2023 comparative presentation; original 2021 earnings release has small CFO/earnings differences. Use later audited comparisons consistently.","2022 adjusted EBITDA uses original reported definition; the company changed EBITDA treatment of amortization in Q2 2023. Do not present 2022–2026 as a perfectly uniform definition.","Average dayrate changed to average daily revenue in 2023; FY2023 10-K restated 2022. 2021 daily-rate/utilization data are not supplied rather than mixed into the restated series.","FY2025 proxy reports Adjusted FCF $340.6m because it ADDS $137.9m asset-sale proceeds. The page's CFO-minus-capex FCF is $202.7m. Explicitly label the distinction.","FY2023 cash capex includes purchases of DS-13 and DS-14; large negative FCF is not all recurring maintenance.","FY2025 CFO includes approximately $26m Australian tax refunds; H1 2026 CFO includes approximately $43m US tax refunds. Cash conversion depends on working capital and tax timing.","ARO is a 50/50 equity-accounted JV, not consolidated revenue/debt. Valaris includes lease revenues from its rigs leased to ARO, but not 100% of ARO revenues or debt.","Uncollected fields remain null. Interim cash interest was not disclosed in the reviewed quarterly notes.","Period-end shares are rounded to millions from balance sheets and must not be substituted for diluted weighted-average shares.","2026 H1 numbers are six months, not full-year. Do not compare directly against annual flows without period labels.","GAAP diluted shares versus economic dilution: In FY2021, FY2022, FY2023 and FY2025, GAAP diluted weighted-average shares equal basic because relevant instruments were antidilutive. This does not remove their economic dilution potential. FY2024 is an exception despite the GAAP net loss: diluted denominator 925m vs basic850m, with a -189m convertible adjustment to EPS numerator. The resulting diluted numerator is -701m vs reported net loss -512m.","Annual antidilutive instruments excluded: Annual weighted-average antidilutive exclusions are not a current fully diluted share count. FY2025 warrants excluded because exercise price exceeded average stock price; displayed zero is not proof no warrants existed.","H1 and Q2 2026 dilution: H1 2026 basic1115m + awards7m + warrants3m = diluted1125m; 75m convertible shares excluded as antidilutive. Q2 alone basic1120m + convertible75m + awards7m = diluted1202m; Q2 EPS numerator170m adjusted by -126m to44m. H1 2025 diluted/basic885m excluded convertible119m and awards17m. Do not mix quarterly and six-month denominators.","Cash capex and noncash fleet funding: FY2022 cash capex717m excludes382m noncash capital additions financed with Shipyard Loans. FY2023 cash capex427m excludes126m noncash capital additions acquired through shares. CFO-minus-cash-capex is a cash flow measure and does not capture every economic fleet investment.","G&A comparability: H1 2026 G&A105m includes17m acquisition costs and3m integration costs related to proposed transaction, whereas H1 2025 G&A99m had no comparable amounts.","Utilization denominator: Company explicitly cautions disposal or held-for-sale classification of idle/stacked units can raise reported utilization. H1 2026 82.5% vs H1 2025 65.3% should not all be interpreted as organic comparable-fleet improvement.","There is no combined post-close result in this dataset. Adding two historic cash flows would be a simple arithmetic sum, not a reported pro forma result or an estimate of merger accretion.","Cash interest metrics retain each source’s scope; Valaris explicitly reports interest paid net of capitalised interest. They are not a uniformly defined total financing-cost series.","Annual standalone leverage ratios use principal debt less unrestricted cash, divided by reported annual adjusted EBITDA.","The 2021 Valaris full-year chart intentionally omits financial flows and per-share values. Verified year-end balance observations and a full-year operational efficiency observation can still appear. The separate restructuring view retains the original four-month and eight-month statements.","FCF per GAAP diluted share uses an EPS-derived denominator without assumed-conversion numerator adjustments. Show this beside total FCF and closing shares; it is not a fully diluted valuation or a merger exchange-equivalent return.","Reported G&A is not automatically recurring overhead. Historical unit-cost comparisons require a consistent cost perimeter. Clean same-rig costs and maintenance-only cash capex are retained as disclosure gaps.","The latest primary deal-status filing reviewed is 14 October 2026. A projected CADE publication date is not confirmation of final approval.","Debt repayment cash includes applicable redemption premiums. Transocean cash debt proceeds are net of issue costs; Valaris reports separate issue costs. In 2023 Valaris paid $571.8m to redeem $550m face debt and received $1,103m for $1,100m face new notes, before $38.6m separate issuance costs. This was refinancing plus additional borrowing, not net deleveraging.","Transocean reported $421m net cash share-issuance proceeds in 2025. Noncash bond exchanges and net-settled warrant exercises also affect the share count but are not cash fundraising. Missing cash proceeds or repurchase lines remain unavailable."],"scorecard":[{"area":"Merger savings","metric":"Realised in-period cash savings and annual run-rate","test":"Separate incremental merger savings from the existing cost programme; reconcile claims to expenses and cash.","status":"Not available pre-close","target":"No completed post-close operating record at the review date.","sources":["presentation","announcement_call"]},{"area":"Integration cost","metric":"Cumulative integration cash costs and payback","test":"Show costs separately from recurring savings; never treat excluded costs as free.","status":"Full integration budget unquantified","target":"The proxy reports H1 transaction fees of $17m at Transocean and $25m at Valaris. These are not a complete integration cash budget.","sources":["definitive_proxy"]},{"area":"Overhead","metric":"Recurring G&A and shore support","test":"Lower comparable dollars after adjusting for inflation, transactions and fleet changes.","status":"Standalone G&A history available","target":"Realised savings by category are not established; standalone costs provide the historical baseline.","sources":["presentation"]},{"area":"Rig execution","metric":"Comparable rig cost/day, downtime, revenue efficiency and safety","test":"Costs fall while reliability and safety remain sound.","status":"Efficiency history available; clean same-rig cost and safety series not established","target":"Do not infer success from expense/day without matching the cost and fleet perimeter.","sources":["presentation"]},{"area":"Cash generation","metric":"CFO − total cash capex; FCF per reported diluted weighted share","test":"Higher cash after integration and necessary investment at comparable activity.","status":"Standalone historical baseline","target":"Post-close comparison requires a combined baseline and consistent exchange-adjusted ownership.","sources":["announcement_call"]},{"area":"Capital discipline","metric":"Maintenance/upgrades/reactivation spending, timing and subsequent cash","test":"Contracts repay preparation and lifecycle costs; no maintenance deferral hidden as savings.","status":"Total cash capex history available; complete maintenance split unavailable","target":"No numerical project-return hurdle or forecast is imposed.","sources":["val_k2025","rig_FY2025_10K"]},{"area":"Debt","metric":"Gross principal, net debt, cash interest and maturities","test":"Actual cash-funded repayment accompanies an improving leverage ratio.","status":"Standalone principal and net debt available","target":"Use reported principal, cash, cash interest and financing movements; no future leverage ratio is assumed.","sources":["presentation"]},{"area":"Dilution","metric":"Closing shares, GAAP weighted diluted shares and issuance/conversion bridge","test":"Understand the assets/cash received for new shares; track cash per equivalent holding.","status":"Standalone share-count history available","target":"15.235 RIG shares per eligible VAL share; approximate 53%/47% ownership assumes 2029 bond conversion.","sources":["announcement","definitive_proxy"]},{"area":"Market controls","metric":"Daily revenue, operating days, fleet mix and firm backlog coverage","test":"Explain what came from pricing, demand and divestitures rather than integration.","status":"Historical daily revenue/utilisation available; future contract coverage remains disclosure-dependent","target":"Removing an idle rig can improve utilisation without adding operating days.","sources":["val_q2026","rig_H12026_10Q"]}],"deal":{"topic":"Transocean proposed acquisition of Valaris","requested_as_of":"2026-10-19 Europe/London","latest_primary_transaction_status_date":"2026-10-14","status":{"label":"Announced; not completed","summary":"The October 14 filing still describes a proposed transaction. CADE issued an unrestricted approval decision on October 13, with finality subject to a 15-day waiting period following publication, then expected October 15 or 16. Both shareholder meetings are scheduled for November 24.","do_not_say":["The merger has closed","All regulatory conditions have already been satisfied","Shareholders have already approved","Merger savings have been realised"],"source_ids":["status_20261014","definitive_proxy"],"remaining_conditions":["Finality of CADE decision after the waiting period; the October 14 filing says all regulatory approval conditions will be satisfied once it becomes final.","Required Valaris shareholder approval of the scheme and required Transocean shareholder share-issuance approvals, with meetings scheduled November 24, 2026.","Bermuda court sanction of the scheme and filing of the sanction order with the Registrar of Companies.","Swiss Commercial Register registration of share issuance resolutions, new shares and related articles amendments.","NYSE listing approval for issued Transocean shares, subject to official notice of issuance.","Other contractual closing conditions, including applicable representations, covenants, certificates and no continuing material adverse effect; conditions are subject to the agreement's waiver provisions."],"conditions_caveat":"The proxy sets out the full contractual conditions. The list is educational and not a legal determination of whether every condition has been satisfied. No post-October-14 primary filing confirming actual Official Journal publication or finality was verified."},"facts":[{"id":"exchange_ratio","value":15.235,"unit":"Transocean shares for each eligible Valaris common share","classification":"Contractual term","detail":"Fixed exchange ratio, subject to customary adjustments under the agreement; cash in lieu of fractional Transocean shares.","source_ids":["announcement","definitive_proxy","status_20261014"]},{"id":"ownership","transocean_percent":53,"valaris_percent":47,"classification":"Illustrative pro forma ownership","detail":"Approximate fully diluted shares; assumes conversion into equity of Transocean exchangeable bonds due 2029. It is not a basic-share split or current ownership of a completed company.","source_ids":["presentation","definitive_proxy"]},{"id":"realized_merger_savings","value":null,"classification":"Not available pre-close","detail":"No post-close synergy realization can be measured while the companies remain separate. Pre-close transaction expenses and standalone cost savings are different measures. Do not display zero as a disclosed amount or imply the target has already been delivered.","basis":"Inference from pending status and required independent pre-close operations in the agreement; no realized deal-synergy report was identified.","source_ids":["status_20261014","definitive_proxy"]}],"integration_and_transaction_costs":{"integration_cost_budget":null,"integration_gap":"The proxy's pro forma statements exclude additional integration activities and harmonization of employee pay and benefits because their timing, nature and amount could not yet be estimated.","reported_h1_2026_transaction_costs_usd_millions":{"transocean":17,"valaris":25},"fees_definition":"Financial, legal and filing fees required to complete the transaction, shown as incremental nonrecurring transaction costs in pro forma adjustments.","warning":"Reported transaction fees do not establish a complete integration cash budget.","source_ids":["definitive_proxy"]},"timeline":[{"date":"2026-02-09","event":"Combination agreement and proposed operating changes announced.","classification":"Historical event","source_ids":["announcement","presentation"]},{"date":"2026-10-13","event":"CADE issues unrestricted approval decision","classification":"Historical event reported October 14","source_ids":["status_20261014"]},{"date":"2026-10-14","event":"Definitive joint proxy filed; transaction remained pending.","classification":"Historical event","source_ids":["status_20261014","definitive_proxy"]},{"date":"2026-10-15/16","event":"Expected publication of CADE decision, triggering 15-day finality period","classification":"Expectation in October 14 filing; actual publication not independently confirmed","source_ids":["status_20261014"]},{"date":"2026-11-24","event":"Scheduled Transocean and Valaris shareholder meetings","classification":"Scheduled future event","source_ids":["definitive_proxy"]}],"disclosure_gaps":["Complete integration-cost budget remains unquantified in the definitive proxy.","No audited realized merger-savings series exists before closing.","Realised savings by cost category are not established.","No precise OpEx versus CapEx split was given on the announcement call.","Latest verified primary status is October 14; actual CADE Official Journal publication was not verified.","ARO consolidated/equity-accounting context and historic Valaris bankruptcy were outside the completed bounded subtask; do not infer ARO EBITDA is wholly attributable to Valaris."]},"timeline":[{"date":"2026-02-09","event":"Combination agreement and proposed operating changes announced.","classification":"Historical event","source_ids":["announcement","presentation"]},{"date":"2026-10-01","event":"Transocean retired $165m principal of 8% Aquila notes using cash and its associated debt-service reserve.","classification":"Completed standalone financing event","source_ids":["rig_Oct15_2026_financing"]},{"date":"2026-10-13","event":"CADE issues unrestricted approval decision","classification":"Historical event reported October 14","source_ids":["status_20261014"]},{"date":"2026-10-14","event":"Definitive joint proxy filed; transaction remained pending.","classification":"Historical event","source_ids":["status_20261014","definitive_proxy"]},{"date":"2026-10-15","event":"Transocean announced a revolver expansion from $510m to $750m and extension from June 2028 to October 2031. Effectiveness requires the merger to close and customary conditions.","classification":"Conditional financing agreement","source_ids":["rig_Oct15_2026_financing"]},{"date":"2026-10-15/16","event":"Expected publication of CADE decision, triggering 15-day finality period","classification":"Expectation in October 14 filing; actual publication not independently confirmed","source_ids":["status_20261014"]},{"date":"2026-11-24","event":"Scheduled Transocean and Valaris shareholder meetings","classification":"Scheduled future event","source_ids":["definitive_proxy"]}],"bankruptcy":{"petition_date":"2020-08-19","emergence_date":"2021-04-30","debt_eliminated":{"value":7100,"unit":"USD million","scope":"Valaris group restructuring","source_id":"restructure","source_url":"https://www.valaris.com/news/news-details/2021/Valaris-Successfully-Completes-Restructuring/default.aspx","source_date":"2021-05-03","notes":"","derived":false},"new_capital_injection":{"value":520,"unit":"USD million","scope":"Valaris group restructuring","source_id":"restructure","source_url":"https://www.valaris.com/news/news-details/2021/Valaris-Successfully-Completes-Restructuring/default.aspx","source_date":"2021-05-03","notes":"","derived":false},"new_secured_notes_principal":{"value":550,"unit":"USD million","scope":"Valaris group restructuring","source_id":"restructure","source_url":"https://www.valaris.com/news/news-details/2021/Valaris-Successfully-Completes-Restructuring/default.aspx","source_date":"2021-05-03","notes":"","derived":false},"legacy_equity":"Legacy Valaris ordinary shares and equity awards were cancelled; old shareholders received warrants, not continuation of the old common equity. Creditors and rights-offering participants received new common shares.","legacy_warrants":{"value":5.6,"unit":"million warrants","scope":"Issued to legacy shareholders at emergence; rounded","source_id":"k2023","source_url":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm","source_date":"2024-02-22","notes":"Initial exercise price $131.88, seven-year term expiring April 29, 2028. Do not treat as current fully diluted shares.","derived":false},"source_url":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000014/val-20231231.htm","lesson":"Debt relief can preserve the drilling business while fundamentally changing ownership. A recovering operating business does not mean the old common equity survives. Asset remeasurement under fresh-start accounting resets carrying values, so post-emergence depreciation and book value are not directly comparable with predecessor amounts."}}