7% Surge in U.S. Offshore Driller Amidst ₩8 Trillion Merger

Valaris Limited (NYSE: VAL), a U.S. offshore drilling contractor, surged 7.11% on the New York Stock Exchange on the 16th, closing at $98.05. Trading volume topped 1.45 million shares, and its market capitalization climbed by about $520 million (roughly ₩7 trillion) in a single day to approximately $6.8 billion (around ₩9 trillion).

The jump followed Swiss offshore driller Transocean’s February 9 announcement that it would acquire Valaris in an all-stock merger valued at about $5.8 billion (₩8 trillion). Under the terms, Valaris shareholders will receive 15.235 shares of new Transocean common stock for each Valaris share they hold. The combined company is expected to field a fleet of roughly 73 rigs and boast a market capitalization near $17 billion (₩23 trillion), creating an offshore-drilling giant.

Headquartered in Houston, Valaris operates more than 50 units—including ultra-deepwater drillships, semisubmersible rigs and jack-up rigs—as a global contract driller serving major and national oil companies with one of the industry’s largest fleets.

Formed in 2019 through the merger of Ensco and Rowan Companies, Valaris has been upgrading its fleet and expanding long-term contracts amid the energy market recovery, positioning itself to benefit from the anticipated offshore-drilling supercycle.