Transocean president Keelan Adamson led a chorus of drilling giants forecasting a sustained up-cycle for the deep-water market at the Pareto Energy conference in Oslo on Wednesday.

Here we sit today with the foundations for an extremely interesting up-cycle

Noble chief executive Robert Eifler

Transocean hold the key to the market with eight assets stacked and the company has, so far, held its discipline and resisted offers to reactivate the assets.