Diamond Offshore (NYSE:DO) got quite possibly the biggest insult one can get this past week. Statoil cancelled a contract for one of Diamond's ultra-deepwater drillships because it simply wasn't up to the task of handling Statoil's demands. Combine that with the delayed contract talks with Pemex for a Diamond rig and the fact that Seadrill (NYSE:SDRL) just signed a five-year deal for one of its newbuilds for a whopping $605,000 per day, and you get an inkling on what is important in the rig market: rig specifications.

Find out more on how the quality of a company's assets are an accurate gauge for the future performance in the rig market today and why that bodes well for Seadrill, Pacific Drilling (NYSE:PACD), and Vantage Drilling (NYSEMKT:VTG) by tuning in to the following video. 

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

The Motley Fool recommends Seadrill, Statoil, and Total and owns shares of Seadrill. 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.