MarketPR
A Transocean all-stock acquisition offer for Valaris Limited (NYSE: VAL), priced at roughly a 32% premium to Valaris' stock price based on the prior day's closing prices of both companies, put offshore drilling shares in motion after the deal was disclosed on February 9th.
Moerus Capital Management LLC, in its second-quarter 2026 investor letter, named VAL the largest individual contributor to Worldwide Fund performance in the first half of 2026.
On September 7, 2026, shares closed at approximately $86.74, within a 52-week range of $46.70 to $114.12, with a market capitalization near $6.03 billion.
The offshore thesis Moerus built in early 2025 Moerus entered the Valaris position in early 2025, after shares slid amid subdued oil prices and what the firm described as a temporary lull in offshore drilling activity, caused in part by support infrastructure constraints.
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