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.
Joel South and The Motley Fool have no position in any stocks mentioned. Taylor Muckerman owns shares of Ensco. 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.