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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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Slowly but surely, oil and gas production is slowly moving away from the traditional sources such as Russia and OPEC. Much of that movement has been thanks to major strides in oil and gas drilling technology, and one behind-the-scenes energy giant is at the epicenter of this movement. Warren Buffett is so confident in this company's power-shifting business model, he just loaded up on 8.8 million shares. An exclusive Motley Fool report reveals this game-changing company we're calling "OPEC's Worst Nightmare." Simply click here, and we'll give you free access to this valuable investor resource.