Transocean Ltd. revealed a fourth-quarter adjusted EBITDA of $385 million and a full-year adjusted EBITDA of $1.37 billion, despite reporting a significant net loss of $2.92 billion for 2025. The company announced an all-stock acquisition of Valaris, projected to yield over $200 million in cost synergies, even as it faces near-term declines in tendering activity and idle rigs. These developments have left Transocean's shares trading 13.6% below fair value, prompting investor scrutiny ahead of its upcoming earnings report.