Big name oil companies are spending at record levels to continue building natural gas and oil reserves. A significant portion of this spending is targeted at the offshore markets. While drillers have been obvious beneficiaries, the subsea market could produce the top earners. 

What are we looking at in-house?
Two Motley Fool favorites stand a legitimate chance at doubling their business over the next five years. FMC Technologies (NYSE:FTI) has been signing contracts right and left in 2013, and Oceaneering International (NYSE:OII) specializes in the niche business of remotely operated vehicles capable of withstanding the harsh environments far below sea level.

While competition is building, FMC Technologies should be able to maintain its market-leading position. It reports its results for the first quarter of 2013 on April 24th. If results are in line with, or beat, high expectations, the stock might not be this cheap for a long time. 

Joel South owns shares of Schlumberger. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool recommends FMC Technologies, Oceaneering International, and Petroleo Brasileiro S.A. (ADR). 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.