Transocean is a top offshore drilling contractor, providing rigs and equipment to help its customers find and develop oil and natural gas reserves.
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In the drilling space RIG is certainly my top pick. Unfortunately there's certainly no telling when the U.S. or global demand for oil /gas will trully pickup. Even when demand does begin to pickup again, it'll likely take a while to markedly impact oil & gas prices. I wouldn't expect any significant improvement on that front until mid-2010 or early 2011 at best.
RIG isn't dependent to Oil & Gas prices. They provide the services to find the oil and those service contracts range; with a minimum contract being 6 months and most contracts stretching YEARS. Therefore your analysis is wrong.
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RIG is your ONLY drilling pick. Unless you are intentionally trying to sabotage your score, why pick the best one as your only red thumb? Shouldn't you, you know, pick the worst???
RIG is maybe my 15th favorite oil services stock, but they are still a decent value I think.
As for the weaker oil services, the list probably includes BRNC, BAS and SWSI. I wouldn't short any of these though.
streetflame-
Out of curiosity, who are some of your favorites in oil services?