This segment is from Tuesday's edition of 'Digging for Value', in which sector analysts Joel South and Taylor Muckerman discuss energy & materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays & Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.

The Arctic has been a daunting place for oil companies looking to expand their offshore drilling portfolios. In recent announcements, both Royal Dutch Shell (NYSE:RDS-A) and Statoil (NYSE:STO) let the industry know that they are moving further above the 60th parallel north. Royal Dutch Shell will be tempting fate by returning to the Chukchi Sea, and Statoil will drill its northernmost well near Norway.

In another twist, Royal Dutch Shell has mentioned Transocean (NYSE:RIG) among the rig operators it plans to commission. Many will remember Transocean as the operator during the Deepwater Horizon disaster. Tune in below to see how our analysts feel about each company's decision. 

1 company supplying most offshore rigs has put OPEC on notice

Joel South has no position in any stocks mentioned. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool recommends Statoil (ADR). The Motley Fool owns shares of 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.