Mike already mentioned it, but watch NMS closely. Oil and gas services company. Currently trading on a FY2009 PE of about 4. Unlikely to pay a dividend this year due to the fact they will probably want to use the profits to continue expansion, which may go part way to explaining the ridiculously low PE. At 30 cents an absolute bargain.
Regardless of the fall in the price of oil, the producers still need to maintain their production facilities. NMS is in a prime position right now.
