As previously announced, on February 9, 2026, Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda ("Valaris"), and Transocean Ltd., a Swiss corporation ("Transocean"), entered into a Business Combination Agreement (the "Agreement"). The Agreement provides that, among other things and upon the terms and subject to the conditions thereof, Transocean will acquire all of the issued and outstanding common shares of Valaris (the "Valaris Shares") in exchange for 15.235 shares of Transocean per Valaris Share (the "Business Combination").

On September 30, 2026, Valaris and Transocean received notification from the Antitrust Division of the U.S. Department of Justice that the agency has closed its investigation under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"). The waiting period under the HSR Act has expired. Valaris and Transocean currently anticipate that the closing of the Business Combination will occur in the fourth quarter of 2026, subject to the satisfaction or waiver of the remaining conditions to closing set forth in the Agreement.