Seadrill (NYSE:SDRL) and Noble (NYSE:NE) reported earnings last week. While they didn't wow investors, there's reason to be bullish in the future. Both companies have more ultra-deepwater rigs coming online over the next two years, which should drive revenue and earnings growth. Erin Miller sat down with Fool contributor Travis Hoium to see why he's bullish on the industry. 

Erin Miller has no position in any stocks mentioned. Fool contributor Travis Hoium manages an account that owns shares of Seadrill. The Motley Fool recommends and owns shares of Seadrill. It also owns shares of 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.