As the motors of many conventional oil fields slowly start to stall, oil rigs off the coast of six of seven continents are flipping the switch. The buzz surrounding offshore drilling has never been louder, and many companies are swarming to the action. Several drillers announced earnings over the past week, and few failed to impress.
Paid by the day, these rigs and drill ships have been so highly sought after that many companies experienced double-digit percentage gains in the dayrates they're able to charge. Finding a crystal ball that paints this industry's future in a positive light is easy to come by. Woods McKenzie's prediction goes so far as to say spending in this area will triple its 2012 levels by 2022. Several companies are prepared to steal market share, and in the following video, our analysts present the latest findings and thoughts on what companies might be poised to take advantage.
Some of you might be asking that if oil production is expected to grow so much because of finds like those offshore, then why is oil so expensive? One quick answer is that producers are finding it more and more pricey to extract oil at remote locations. So while it's a tough thought to stomach, $100 for a barrel of oil might just be the new norm. That's why we invite you to check out The Motley Fool's "3 Stocks for $100 Oil." Here, we detail a few companies that could provide a nice hedge for higher oil prices in your portfolio. For free access to this special report, simply click here now.