Offshore wells are fantastic producers. There have been a ton of technology advancements in the past couple years on ultra deep E&P. I think it is safe to say this is the "new" frontier. The entry costs are high, but the payout for those who play is very high. I am betting that Ultra deep is the area that will snap back first.
After oil prices rose to their highest in year 2015 on Wednesday, Platts, a leading global provider of energy and petrochemicals information told NDTV that oil is set for a long period of relatively soft prices and its prices won't go beyond $70/barrel anytime soon.
$70 oil keeps shale out of the game= positive for ocean drillers
The spread between Brent and WTI is also favorable for ocean drillers