Transocean and Valaris have agreed to merge in an all-stock deal valued at about $5.8 billion, creating a $17 billion offshore drilling giant with a 73-rig fleet and an industry-leading $10 billion backlog.

Transocean Ltd Valaris Limited Transocean President Keelan Adamson Anton Dibowitz Jeremy Thigpen Leslie Cook Principal Analyst Upstream Supply Chain Wood Mackenzie Goldman Sachs Switzerland Houston Major Management