The oil and gas market, in general, isn’t doing so hot, and the offshore rig market is probably the worst off of the industry. The one-two punch of cheap oil and lower-cost, shorter-development-time shale wells has kept producers from venturing onto the seas for the next big payday. While the market is suffering, this is an opportune time for better-positioned companies to take advantage of the chaos, and that is exactly what Ensco (NYSE: ESV) did by buying Atwood Oceanics (NYSE: ATW).