In order to remain competitive in the offshore rig space Transocean (NYSE:RIG) needs to shed some of its older rigs. Not because it needs to make room for new ones and have a rig fleet similar to that of Seadrill (NYSE:SDRL), but because many of its older rigs are reaching the end of their economic lives. This is why Transocean announced this week that it plans to spin off eight of its older rigs that operate exclusively in the North Sea.

Considering the size of Transocean's fleet, though, it may not be enough, especially compared to other rig companies' plans, such as Noble's (NYSE:NE), to shed older assets. Find out what Transocean's fleet will be like post split, what this North Sea-only company will look like, and whether this move makes the company a decent buy today by tuning into the video below.

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Tyler Crowe owns shares of Seadrill.  You can follow Tyler at under the handle TMFDirtyBird, on Google +, or on Twitter @TylerCroweFool.

The Motley Fool recommends Seadrill. The Motley Fool owns shares of Seadrill and 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.