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.