I'll have to agree with FL84, ESV deserves a look, as it has low debt, $8 a share in cash, and a relatively larger percentage a deep water new builds coming on line over the next 2 years. Good eps growth outlook '10 to '11, (and beyond if the JU market firms modestly).
I'd probably hold a mix of several ( my current holding include rig, esv and ne) rather than one single name. If you want a divi payer, perhaps SDRL (which will be listed on the NYSE starting the 15th) rather than DO. Unless the market really tightens for JUs and natural gas regains some price, I can't picture how HERO makes any sense, but perhaps I'm missing something.