The slide in oil has hit offshore crude drillers hard, but if investors know where to look they may find some opportunity, analyst Ken Sill told CNBC on Wednesday.
Those looking for long-term value want companies with decent balance sheets, better-than-average assets and people that are proactively trying to manage the process, the senior oilfield services analyst for Global Hunter Securities said in an interview with "Power Lunch."
"This group has massively underperformed," he said.
Sill likes the smaller offshore drillers like Atwood Oceanics, which he said has a relatively new fleet and "a balance sheet in contract exposure to last through the downturn."
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He also likes Noble and Hornbeck Offshore, which he said has just gone through a massive new build program, is paying down debt and has good assets. Hornbeck operates in the Gulf of Mexico, which could be a strong market for offshore drillers, Sill said.
That said, he is a "little bearish" on the sector overall because it isn't clear where oil prices will end up.
"[Prices are] not going to probably stay down here but what we've proven is that at $100 a barrel for oil we can outproduce global demand in the United States," he said.
—CNBC's Jackson Burke contributed to this report.
Disclosure: Global Hunter Securities owns shares of Atwood Oceanics, Noble and Hornbeck Offshore