When I say "driller," what's the first company that comes to mind? Halliburton (NYSE:HAL)? Transocean (NYSE:RIG) perhaps?

Layne Christensen (NASDAQ:LAYN) may not be at the front of most Fools' minds, but when it comes to drilling, this midsized operator covers pretty much all the bases.

Yes, Layne drills for oil and gas, and one of its divisions is actually a sharp little E&P business. But Layne also provides drilling services for the water, minerals, and construction industries. As opposed to, say, Grey Wolf (AMEX:GW), which is hyper-focused on natural gas drilling, Layne presents a much more diversified picture.

In revenue terms, Layne's water infrastructure business -- which, I should note, extends far beyond drilling -- is by far the biggest line of business. In the past quarter, revenue leaped more than 22% to nearly $200 million. The mineral exploration and energy segments kicked in around $60 million and $12 million in sales, respectively. Each segment grew its top line by a searing 28%.

Margins are another matter entirely. Those latter two businesses, in today's environment at least, are far more profitable. On an absolute basis, pre-tax income from mineral exploration has actually eclipsed the water business on both a quarterly and six-month basis. Layne Energy, while small, has the best margins of all.

Of course, those commodity-powered profits will cool off at some point, and I expect the water business will keep chugging along. If the commodity-driven volatility of service stocks like Flotek Industries (NYSE:FTK) or Carbo Ceramics (NYSE:CRR) leaves you cold, perhaps Layne would better fit the mold. I would wait for the shares to simmer down before even thinking about buying, though.

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