Valaris emerged from Chapter 11 in 2021 and agreed to Transocean's $5.8B takeover.

Valaris, one of the world's largest offshore drillers, filed Chapter 11 on August 19, 2020 when COVID-19 collapsed drilling demand on top of a heavy debt load.

Its plan was confirmed March 3, 2021 and became effective April 30, 2021: $7.1 billion of pre-petition debt was eliminated, secured by a $520 million capital injection, leaving $550 million of new notes.

The rebuilt company won contracts as offshore drilling recovered, and in February 2026 Transocean agreed to acquire it in a $5.8 billion all-stock deal.

The combined company would operate 73 rigs with about $10 billion of backlog, making it a clear global leader in offshore drilling.

Emerged April 30, 2021 eliminating $7.1B of pre-petition debt with a $520M injection; the 2026 Transocean all-stock deal valued it at $5.8B with a combined ~$10B backlog.

Debt elimination reset the cost base without selling the modern high-spec fleet.

The $520 million capital injection funded operations through the trough.

Keeping the organization intact let Valaris win contracts as dayrates recovered.

Scale and fleet quality made it the natural merger partner for Transocean.

A restructuring that preserves the fleet and the customer book lets a driller ride the next upcycle; five years after wiping out $7.1B of debt, Valaris was bought at a premium by the industry leader.

The Transocean deal, announced February 2026 with an expected close in the second half of 2026, would create a 73-rig fleet with roughly $10 billion of backlog, completing Valaris's path from Chapter 11 to industry consolidation.