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. 

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

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