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National-Oilwell Varco, Inc. (NOV), Cameron International Corporation (CAM): Five Reasons This Oilfield Services Company Looks Solid

One of the most powerful trends in the oil and gas industry is the fundamental shift into unconventional and ultra-deepwater drilling. Exploration and production companies are spending more to access once forbidden reserves with the help of newer and more sophisticated technology. This is a trend that energy investors can’t afford to ignore anymore.

Why you can’t ignore oilfield services
The era of obtaining easy oil is as good as over. Therefore, it’s no surprise that oil and gas companies will be spending an unprecedented $678 billion in 2013, according to Barclays PLC (ADR) (NYSE:BCS)‘ global E&P spending update. In addition, emerging countries are slated to drive global energy consumption in the next couple of decades.

To this end, E&P companies have already started boosting oil and gas production through technologically advanced drilling methods. And this is why Foolish investors must watch the oilfield services industry closely.

National-Oilwell Varco, Inc. (NYSE:NOV)

Some solid performance
Oilfield services companies have been performing quite well and I believe will continue to do so. Halliburton Company (NYSE:HAL) has been up 23% in the past 12 months. The company’s drilling and evaluation and well completion services have seen sustained demand thanks to the various complexities involved in shale oil drilling. National-Oilwell Varco, Inc. (NYSE:NOV), on the other hand, is the industry leader when it comes to offshore drilling equipment. This company is a seasoned player in the industry and through its three divisions — rig technology, petroleum services and supplies, and distribution and transmission. In short, National-Oilwell Varco, Inc. (NYSE:NOV) is a one-stop shop for all oilfield-related services.

However, Houston-based Cameron International Corporation (NYSE:CAM), a competitor of National-Oilwell Varco, Inc. (NYSE:NOV), seems to hold a lot of promise. The company provides flow equipment systems and services to operators globally. Its stock has risen 50% in the past 12 months.

Here, then, are five reasons you must take a look at Cameron International Corporation (NYSE:CAM).

1. It was absolved of charges in the Gulf of Mexico spill
Cameron International Corporation (NYSE:CAM) was named as one of the defendants in the Macondo oil spill. The blowout preventer, or BOP, that failed to stop the oil surge was manufactured by Cameron International Corporation (NYSE:CAM) and delivered to BP plc (ADR) (NYSE:BP) in 2001. However, it emerged that it was BP plc (ADR) (NYSE:BP) and Transocean LTD (NYSE:RIG), the rig owner, that had failed to do a major overhaul of the blowout preventer. As of April, Cameron International Corporation (NYSE:CAM) was virtually absolved of all pending charges.