I worked for a very large oil services company. I wouldn't touch Transocean with a barge pole. Nobody has any idea what commodity prices will be, a "rebound" is not garaunteed to ever happen, nobody knows nuttin. Deepwater/GOM is dead as it can be. Look how fucked SDRL is, not even the bond holders are guaranteed to make it out. RIG is in better shape but even if prices rebound, it ain't gonna be the good old days again.
If you really, truly believe that oil prices will recover somewhat and that offshore will come along with it, I'd play something like Carbo Ceramics (CRR). It's a frac sand company that makes ultra-high-pressure ceramic proppants used in offshore. Stock has tanked from something like $150 down to $5, but they have a smaller traditional frac sand side that might pick up business with the NA land market as all the DUC wells that were done over the last two years start to get fracked. I'll straight up admit the 10Qs look terrible, but that's what you'd expect when people drill wells but don't frac them for a few years. So they have that traditional frac sand side of the business that might bouy them a little with the NA land market, and if the offshore market's needs for proppants go up they could rocket with their significantly better product vs competitors for high pressure wells. Much more speculative but honestly I would rather take the loss on Transocean, write it off on my taxes, and throw the remaining $200 at something with much much more upside if the offshore market comes back.
Also I think some nat gas companies are fucked. Some ITM puts on SWN would be a reasonably fun way to play it. The assets they bought off CHK up in the Marcellus are total crap they way overpaid for and their balance sheet is trash. Really bad miscalculation to make with prices so low and unless nat gas comes back strong not sure they'll do well at all.