Deepwater drilling is the hot topic in the energy space today, and with good reason. Halliburton (NYSE:HAL) is projecting big deepwater gains, particularly in Brazil. Other regions to keep an eye on are the Gulf of Mexico and the North Sea. While Baker Hughes (NYSE:BHI) may edge out Halliburton with regard to deepwater market share, Halliburton is running at the space with full force and could realize big margin expansion if it's able to gain a bigger presence.

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Joel South owns shares of Schlumberger and Halliburton. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool owns shares of Halliburton. Motley Fool newsletter services recommend Halliburton. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.