In fast-growing markets, its not always the biggest company that shows the greatest improvement. While size isn't the only reason that Transocean's (NYSE:RIG) recent quarter underwhelmed, it certainly helped. Following on the heels of many of its peers, displaying only 4% growth in quarterly revenue just didn't measure up. 

Unfortunately for the company, the majority of its growth came from two sectors that only account for around 25% of total revenues. The largest segment, and arguably the most important in the industry, is the deepwater market which accounted for 72% of quarterly revenue. Trouble with rig equipment and unforeseen downtime raised operating expenses.

With big decisions on the horizon surrounding the company's dividend policy and its board of directors, Transocean certainly can't afford to fall too far behind its peers operationally. I have faith in the offshore drilling industry and believe that Transocean will stay on course, but my money is elsewhere.

Joel South has no position in any stocks mentioned. Taylor Muckerman owns shares of Ensco. The Motley Fool recommends Seadrill. The Motley Fool owns shares of Seadrill and Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.