A look at results from Noble(NYSE:NE) and Diamond Offshore(NYSE:DO) show mixed results coming from the very important ultra-deepwater market. Utilization fell from the second to third quarter at Diamond Offshore, and dayrates fell at Noble. This resulted in a decline in revenue and profitability for both companies sequentially. As we prepare to hear from ultra-deepwater-focused companies Seadrill (NYSE:SDRL)and Transocean(NYSE:RIG), it will be important to keep an eye on how these trends play out. Both companies are betting big on ultra-deepwater, and a drop in demand or dayrates would be a blow to their stocks. 

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