The offshore drilling market is improving across the board, but not each company has seen the same upside. Hercules Offshore (UNKNOWN:HERO.DL), Noble (NYSE:NE), and SeaDrill (NYSE:SDRL) focus on different water depths, and, as the industry grows, there's varying demand for their rigs. 

This year, shallow water rigs have come back in vogue, while ultra-deepwater continues to command up to $600,000 per day for new rigs. Erin Miller sat down with Travis Hoium to see which of these three companies he would buy, sell, and hold based on their respective fleets. 

Fool contributor Travis Hoium manages an account that owns shares of SeaDrill. The Motley Fool has no position in any of the stocks mentioned. 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.