Transocean Ltd and Valaris Limited announced, in a joint statement, the signing of a definitive agreement to combine the two companies. Under the agreement, Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion, the statement noted. The shareholding percentages of the combined company, on a fully diluted basis, will be approximately 53 percent for Transocean and 47 percent for Valaris, according to the statement. Valaris shareholders will receive a fixed exchange ratio of 15.235 shares of Transocean stock for each common share of Valaris under the terms of the all-stock transaction, the statement highlighted. Based on the closing prices of Transocean and Valaris on February 6, the transaction implies a combined enterprise value of approximately $17 billion, the statement noted. The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions, and approvals by the shareholders of each company, the joint statement said. The statement outlined that the deal “creates an industry leader with a diversified offshore fleet of 73 rigs, including 33 ultra-deepwater drillships, nine semisubmersibles and 31 modern jackups, to meet emerging growth opportunities”. It also “expands reach and customer access in world’s most attractive offshore basins” and “unlocks more than $200 million in identified cost synergies”, the statement highlighted, adding that it “increases cash flow, accelerates deleveraging, and strengthens financial flexibility”. Keelan Adamson, Transocean President and Chief Executive Officer, said in the statement, “this transaction creates a very attractive investment in the offshore drilling industry, differentiated by the best fleet, proven people, leading technologies, and unequalled customer service”. “The powerful combination is well-timed to capitalize on an emerging, multi-year offshore drilling upcycle. Investors and our global customers will benefit from our expanded fleet of best-in-class, high-specification rigs,” he added. “We have identified more than $200 million in

BP Plc is halting share buybacks to shore up its balance sheet as pressure mounts on the UK energy giant to deliver on its turnaround efforts.  The company is slashing a $750 million quarterly stock repurchases program that had already been reduced last year, according to a fourth-quarter earnings report Tuesday. BP also withdrew its standing guidance of returning 30% to 40% of operating cash flow to shareholders.  The quarter capped a tumultuous year for BP that started with activist investor Elliott Investment Management pushing for drastic change and ended with Chairman Albert Manifold ousting Murray Auchincloss from the helm. Oil prices have fallen since it outlined a strategic shift last year. Oil prices are trading below the roughly $73 a barrel BP assumed for 2026 in its plan last year. BP also said upstream production is expected to be slightly lower than last year. Like rival Shell Plc, BP has been slower to increase production than its US peers. On a positive note, BP said the big Bumerangue discovery in Brazil has 8 billion barrels of liquids in place, split 50%-50% between crude and condensate. So far this year, the shares of the two London-based companies have lagged behind in dollar terms among the top five oil majors, including European peer TotalEnergies SE, which has been expanding aggressively in Africa.   BP said cost cuts will be deepened by as much as $1.5 billion through the end of 2027, thanks to the divestment of lubricant business Castrol. As part of its turnaround plan last year, the company had announced targets of $4 billion to $5 billion of cost cuts by the end of 2027. BP said at the end of last year it will raise about $6 billion from the sale of a majority stake in Castrol.  Net income of $1.54 billion came

Oil edged higher after the US advised ships to steer clear of Iranian waters when navigating the Strait of Hormuz, reviving a risk premium that had ebbed in recent days amid nuclear talks. West Texas Intermediate crude futures rose 1.3% to settle above $64 a barrel after the US Department of Transportation said in a maritime advisory on Monday that American-flagged ships should stay as far as possible from Iranian waters. The agency cited a recent incident in which Iran’s Islamic Revolutionary Guard Corps harassed a US-flagged tanker as it was transiting through the waterway last week. The guidance stoked investor fears of a short-term disruption in the vital Hormuz chokepoint, through which about a third of the world’s oil flows, as well as a broader conflagration in the oil-rich Middle East region. Iran has threatened to close Hormuz during times of geopolitical tension. The development reversed bearish momentum that followed pledges by Iran and the US to continue talks following what they described as positive discussions in Oman on Friday. Tehran said the session, aimed at defusing tensions over the Islamic Republic’s nuclear program, was “a step forward.” US President Donald Trump, who has repeatedly threatened Tehran with airstrikes, said there would be another meeting this week. The US leader is also due to see Israeli Prime Minister Benjamin Netanyahu on Feb. 11, while preparing tariffs against countries doing business with Tehran. Crude has pushed higher this year despite widespread concerns about a looming glut, with gains supported by geopolitical tensions as well as halts to some flows, including from Kazakhstan. Still, prices fell last week on signs of progress between Iran and the US. India Flows Traders were also looking at oil flows to India. The country’s imports of Russian oil are expected to drop by about half

In a statement posted on its website last Thursday, industry body Offshore Energies UK (OEUK) noted that, “amid a prolonged bout of severe weather” in the UK North Sea, “some companies” were “removing non essential staff from their sites as supplies are running short”. OEUK’s Health and Safety Manager, Graham Skinner, said in the statement, “we’re proud of the resilience of our workforce and we’re proud of the fact our industry keeps the lights on whatever happens”. “Although we get this sort of weather every two or three years or so, it can be quite uncomfortable and there will be people in the workforce who are experiencing it for the first time,” he added. “The waves are up to six meters [19 feet], about the height of an average house, which isn’t that big by North Sea standards. The problem is that the stormy weather has gone on for so long, supply boats can’t deliver,” Skinner continued. “That means fresh water and fresh food start to run short so it’s better to take non essential people off platform so there’s enough to go round the people who are left,” he went on to state. A shipping forecast issued by the Met Office, and hosted on its website, on behalf of the Maritime and Coastguard Agency, at 11:30 UTC on February 9, for the period 12:00 UTC on February 9 to 12:00 UTC on February 10, stated that “there are warnings of gales in FitzRoy and Southeast Iceland”. On the Met Office site, the sea state in FitzRoy is described as “rough or very rough, becoming very rough later” and the sea state in Southeast Iceland is described as “rough or very rough”. The Met Office website is issuing UK weather warnings for Monday, Tuesday, and Wednesday at the time of writing. In a statement posted on its

 WASHINGTON—The U.S. Department of Energy (DOE) today announced the launch of the Genesis Mission Consortium, a historic public-private partnership advancing the Department’s Genesis Mission to harness the power of artificial intelligence (AI) to accelerate scientific discovery, strengthen national security, and ensure America leads in energy and emerging technologies. Building on President Trump’s Executive Orders Launching The Genesis Mission and Removing Barriers to American Leadership In Artificial Intelligence, the consortium brings together technical capabilities and expertise from the Department of Energy, National Laboratories, private sector leaders, and academic institutions to usher in a new era of science and technology exploration. “The Genesis Mission Consortium represents a bold step toward transforming the way we approach scientific challenges,” said DOE Under Secretary for Science and Genesis Mission Lead Dr. Darío Gil. “Thanks to President Trump’s leadership, we’re uniting government, industry, and academia to create a powerful engine for innovation that will drive breakthroughs across multiple disciplines.” The consortium will help identify high-value partnerships among its members and external stakeholders, strengthening collaborative responses to funding opportunities. It will amplify DOE’s outreach by promoting solicitations, executing agreements, and tracking project successes. Functioning as a collaborative hub, the consortium will serve as a single, coordinated access point for members and their resources. To advance technical priorities, the consortium will facilitate member-driven working groups focused on AI model development and validation, data integration and standards, high-performance computing and cloud infrastructure, and robotics and automation. These working groups will provide an efficient mechanism for engaging industry and academic organizations in co-creation efforts. The Genesis Mission Consortium will also host regular events, including annual member meetings, workshops, and technology showcases, providing members with high-impact networking and collaboration opportunities. The consortium will be administered by TechWerx, a DOE partnership intermediary operated by RTI International. For more information on the Genesis Mission Consortium and how to get involved, visit www.genesismissionconsortium.org.

Russia’s crude output declined for a second straight month in January as the world’s third largest oil producer faces difficulty in marketing its barrels because of US sanctions. The nation pumped an average of 9.28 million barrels a day of crude oil last month, according to people with knowledge of the data, who asked not to be identified discussing classified information. The figure — which doesn’t include output of condensate — is 46,000 barrels a day below an already-reduced level in December, and almost 300,000 barrels a day lower than what Russia is allowed to produce under an agreement with the Organization of the Petroleum Exporting Countries and allies. Russia has classified its data on oil production, exports and refinery operations, making independent assessments difficult. Its Energy Ministry didn’t immediately respond to a Bloomberg request for a comment on the January output level and future production plans. The decline in production comes as the amount of Russian crude held on tankers continues to grow, indicating that some cargoes are taking significant time to find buyers amid growing US pressure on the Kremlin. Earlier this month, US President Donald Trump said he eliminated an extra 25% tariff he had imposed on India in exchange for New Delhi halting oil purchases from Russia.  While India confirmed the trade deal, it has not commented on details including oil. Still, nearly all state-owned and private Indian refiners have paused buying any spot cargoes since Trump first mentioned the deal in a social media post about a week ago. By the start of February, accumulated volumes of Russian crude on water reached 143 million barrels, almost doubling from a year ago and creeping up by more than a quarter compared to late November. As India has pulled back from purchases, some tankers with sanctioned barrels are now heading for