This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

Transocean (NYSE: RIG), the world's largest offshore drilling contractor, "is our favorite stock idea for 2009," says Dirk van Dijk, CFA and director of research, Zacks Investment Research.

"Transocean operates, owns or has partial ownership interests in 137 mobile offshore drilling rigs.

"Its drilling fleet consists of 39 high-specification deepwater floaters, 29 mid-water floaters, 10 high specification jack-ups, 55 standard jack-ups, and 4 other rigs. Additionally, Transocean had 10 ultra-deepwater floaters under construction or contracted for construction.

"With a backlog of nearly $41 billion, RIG offers an unparalleled level of earnings and cash flow visibility. The positive momentum should continue due to the favorable deepwater drilling outlook that should support demand for the company's products.

"Put simply, the only place the world is likely to find the very large oil deposits it needs to offset declining production in existing fields is in very deep water. There are very few rigs capable of drilling in deep water, and RIG owns most of them.