Big name oil companies are spending at record levels to continue building natural gas and oil reserves. A significant portion of this spending is targeted at the offshore markets. While drillers have been obvious beneficiaries, the subsea market could produce the top earners.
What are we looking at in-house?
Two Motley Fool favorites stand a legitimate chance at doubling their business over the next five years. FMC Technologies (NYSE: FTI ) has been signing contracts right and left in 2013, and Oceaneering International (NYSE: OII ) specializes in the niche business of remotely operated vehicles capable of withstanding the harsh environments far below sea level.
While competition is building, FMC Technologies should be able to maintain its market-leading position. It reports its results for the first quarter of 2013 on April 24th. If results are in line with, or beat, high expectations, the stock might not be this cheap for a long time.
Want exposure to the equipment that rides the waves?
National Oilwell Varco is perhaps the safest investment in the energy sector due to its industry-dominating market share. This company is poised to profit in a big way; its customers are both increasing the number of new drilling rigs and updating aging fleets of offshore rigs. To help determine if it could be a good fit for your portfolio, you're invited to check out The Motley Fool's premium research report featuring in-depth analysis on whether NOV is a buy today. For instant access to this valuable investor's resource, simply click here now to claim your copy.