With energy exploration and production companies reeling back their capital spending programs, just about every offshore drilling rig company is struggling to find new contracts. Two companies in particular, Diamond Offshore (NYSE:DO) and Transocean (NYSE:RIG), look to be in the biggest trouble of all. With fleets that include rigs with more limited capabilities, the two companies are losing market share to the more-capable rigs operated by competitors Ensco (NYSE:ESV) and Seadrill (NYSE:SDRL)

With so many rigs with limited capabilities coming off contract this year, Diamond and Transocean may find themselves putting assets ashore until the market picks up. Find out how much this will impact each company in the long run by tuning into the video below.

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Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google+, or on Twitter @TylerCroweFool.

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