THE ANALYSIS: In a client note, Urban said that a fleet status report revealed a 7 percent increase in 2013 downtime. The analyst also said that the estimated downtime for 2014 of 2,131 days is up an additional 5 percent from this year and higher than what he expected.
Urban was also concerned that costs are climbing even as rates are flattening.
SHARE ACTION: Transocean Ltd.'s stock dropped $3.10, or 5.2 percent, to $56.20 in afternoon trading. The shares have traded in a 52-week range of $39.32 to $59.50.