With an aging fleet and young, upstart companies looking to take small chunks of market share, Transocean (NYSE:RIG) has found itself in a bit of a rut as of late. The older vessels in its fleet are losing ground because newer rigs can better handle the demands from oil and gas exploration. So Transocean is looking for some help to turn its business strategy around and is hoping that Pete Miller, former National Oilwell Varco (NYSE:NOV) CEO and current chairman of NOW (NYSE:DNOW), will take the reins as its new chairman. 

One practice that Miller implemented at NOV could go a long way in jolting Transocean's business: rig standardization. Find out how this has helped NOV and what it could do to help bring Transocean around by tuning into the video below. 

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

The Motley Fool recommends National Oilwell Varco, NOW., and Seadrill. The Motley Fool owns shares of National Oilwell Varco, NOW., 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.