The ultra-deepwater drilling market has fully recovered from the Deepwater Horizon disaster and even the owner of that rig -- Transocean (NYSE:RIG) -- is seeing improved results. As growing reserves are found in deepwater, Transocean, Noble (NYSE:NE), Seadrill (NYSE:SDRL), and Ensco (NYSE:ESV) have been able to command $600,000 per day for rigs and keep them employed for months or even years at a time. With oil becoming harder to find onshore, energy contributor Travis Hoium thinks the profits these companies are reporting can continue to grow.

Fool contributor Travis Hoium manages an account that owns shares of Seadrill. The Motley Fool recommends Seadrill. The Motley Fool owns shares of RIG and Seadrill. 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.