However, the industry is suffering from excess capacity especially in the standard specifications sector that is driving down fleet utilization levels as well as the pricing of drilling contracts despite the improving demand outlook.

FORBES: Getting Beyond Gulf Spill, Transocean Sails To $86

The first was that the Institute of Electrical and Electronics Engineers ratified a new standard in the ever-growing alphabet soup of specifications relating to Wi-Fi.

FORBES: Wireless Standards On The Move

"With the popularity of tablets, the standards and specifications of the devices are converging to one worldwide standard, " said D'Amico.

ENGADGET: OLPC announces XO Tablet coming to select Walmart stores later in 2013

What is more, the open standard meant that engineers in different organisations had to agree with each other on revised specifications, in order to avoid being cut out of the game.

ECONOMIST: Ethernet