The Coast Guard continues to need better management over its troubled $20 billion Offshore Patrol Cutter program, which is years behind schedule, well over budget, has no ships delivered, and recently had two ships canceled, according to a new report by the Government Accountability Office.

Transocean Ltd. on Monday announced it has agreed to acquire Valaris Ltd. in an all-stock transaction valued at about $5.8 billion, combining two of the largest offshore drilling contractors into a single company with an enterprise value of roughly $17 billion.