Transocean (NYSE:RIG) Shares Climb, Valaris (NYSE:VAL) Merger Spread Widens to 2.4% Prior to Earnings

Transocean's stock rose, leading to a widened deal spread with Valaris to 2.4% before their upcoming earnings reports. Despite daily volatility, the merger spread remained mostly steady over the week, with key regulatory and shareholder approvals still pending for a target closing in the second half of 2026. Transocean is set to release its Q2 earnings and fleet update, with analysts keenly watching revenue, operating costs, and balance sheet improvements like debt reduction and free cash flow generation.