Based on the aggregated intelligence of 165,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, offshore drilling giant Transocean (NYSE: RIG) has earned a respected four-star ranking.

With that in mind, let's take a closer look at Transocean's business and see what CAPS investors are saying about the stock right now.

Transocean facts

Sources: Capital IQ (a division of Standard & Poor's) and Motley Fool CAPS.

On CAPS, 97.5% of the 5,887 members who have rated Transocean believe the stock will outperform the S&P 500 going forward. These bulls include UltraLong, the fifth-ranked member in all of CAPS, and Geofiz.

Just last month, UltraLong noted that Transocean "is already trading below book value and with reason at the moment." Our CAPS All-Star continues: "They are facing considerable litigation and revenues have been dropping for three consecutive years. Despite this cash flow remains incredibly strong and their oil rig presence is basically unsurpassed."

In addition to the liability issues related directly to the Gulf spill, Transocean, along with drilling rig operators like Noble and Pride, continue to face uncertainty regarding the deepwater moratorium. Norwegian giant Statoil (NYSE: STO), for example, is the latest oil producer to seek an exit from its rig leases, bringing the total of force majeure declarations to six on five different rigs. Of course, with the drillers arguing that the rigs can, in fact, move to other regions or into shallower waters, it might prove difficult for any of those contracts to be broken. CAPS member Geofiz drills into the opportunity:

Transocean's share price is way down due to 1) potential liabilities with respect to the Macondo blowout, and 2) the newly announced Gulf of Mexico drilling moratorium, which will affect GoM operations for a minimum of a year. However, I believe that the company's liability is limited, although they will be named in lawsuits down the road and will have to defend themselves repeatedly. With regard to rig placement, demand from overseas will take up most of slack, particularly for Transocean's high capability, late generation units. The company will incur some costs, but I believe that the severity of the situation is overblown.

In summary, the drop in share price is far out of proportion to the potential consequences. It's a situation to take advantage of if you are risk tolerant.

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