The practice of long-term buy and hold investing has proven to be the most effective method to grow your investments. In a cyclical industry like rig companies, however, it can be difficult to see beyond a time horizon of three to five years. Luckily for us, Ensco (NYSE:VAL) CEO Daniel Rabun provided some tidbits on a recent conference call that could help shape an investment thesis. While Petrobras (NYSE:PBR) and Statoil (NYSE:EQNR) will be the two largest offshore spenders over the next several years, with $380 billion in offshore capital spending over the next couple of yeaars. Rabun sees the rig market remaining strong well past the end of this decade.  

So what will be the driver further down the road? The Arctic. With just ExxonMobil (NYSE:XOM) and its partners Rosneft planning to spend $500 billion to explore the Arctic in pursuit of the largest oil deposits in the world not yet proven, it will provide a major boost for the rig industry. Find out why both Ensco and Seadrill (NYSE:VAL) are very well suited to excel as the global markets turn North by tuning into the video below.