With an aging fleet and young, upstart companies looking to take small chunks of market share, Transocean (NYSE:RIG) has found itself in a bit of a rut as of late. The older vessels in its fleet are losing ground because newer rigs can better handle the demands from oil and gas exploration. So Transocean is looking for some help to turn its business strategy around and is hoping that Pete Miller, former National Oilwell Varco (NYSE:NOV) CEO and current chairman of NOW (NYSE:DNOW), will take the reins as its new chairman. 

One practice that Miller implemented at NOV could go a long way in jolting Transocean's business: rig standardization. Find out how this has helped NOV and what it could do to help bring Transocean around by tuning into the video below.