Transocean to Buy Valaris in $5.8 Billion Offshore Oil Deal (4)

Deep-water oil rig owner Transocean Ltd. agreed to acquire rival Valaris Ltd. in an all-stock deal valued at $5.8 billion as offshore drilling activity heats up.

The deal will create the world’s largest offshore rig contractor by market value, with a fleet of 73 offshore rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 jackup vessels, the companies said Monday in a statement.

Valaris investors will receive 15.2 shares of Transocean stock for each share they own — a roughly 32% premium based on the Feb. 6 closing price. Valaris shares surged by almost 30%, the most on record ...