Alternatively, consider Transocean
Transocean (RIG) leases and operates drilling rigs to oil companies. They have the largest fleet in the world - and it so happens that the disaster occurred on a Transocean rig.
However, Morningstar analysts took a closer look at the situation. Transocean was operating the rig under BP's faulty instructions, and it is likely to escape most liability for the spill. Any liability that Transocean has in this spill is likely to be paid out in smaller amounts over a long time, and this will be manageable for the company. To get anything more out of them, BP would have to prove that Transocean was grossly negligent. And if any party was grossly negligent in this matter, it was clearly BP. Furthermore, Transocean's balance sheet is strong and it is insured to the tune of $1 billion or so.
Another issue is the President's deepwater drilling moratorium. I don't think that this is a huge problem for Transocean. This is likely to be a temporary thing. We need oil, for better or worse. A lot of it is in deep waters. Transocean's rigs will still be needed.
Clearly, this is a high risk, high reward scenario. Investors should consider opening a small position. I wouldn't buy a full position right off the bat. Additionally, if 100 shares of Transocean would count as a small position in your portfolio, you might consider options. Implied volatility in the stock is so high that you could earn an 89% annualized return by selling the $55 strike put dated July 16, 2010 - expires in 28 days. You'd effectively buy the stock at $51 or so.