If you have been following recent trends in the oil industry, then you know that a flotation device is required on most rigs now. Conventional oil and gas has become harder to find on land and shale oil has yet to truly be tapped outside of the United States. With some of the largest new basins in the world being discovered offshore, companies that provide the best-in-class equipment like FMC Technologies (NYSE:FTI) should do more than just tread water. While some view increased competition as a bad thing, analyst Taylor Muckerman views it as vindication that a true growth opportunity exists. That's why the entrance of General Electric (NYSE:GE) and a joint venture between Cameron (UNKNOWN:CAM.DL) and Schlumberger (NYSE:SLB) in the market don't keep him up at night. Find out more in the video below.

Joel South owns shares of Schlumberger. Taylor Muckerman has no position in any stocks mentioned. The Motley Fool recommends FMC Technologies. The Motley Fool owns shares of General Electric Company. 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.