Transocean Faces Bearish Position

A put buyer is looking for offshore driller Transocean to dig lower.

optionMONSTER systems show that a single print of 5,000 January 32 puts was bought for $1.14. The volume topped the previous open interest, so this was a “buy to open” transaction.

The puts could either be an outright bearish play, with the trader looking for shares to fall further, or it could be a hedge against an existing long position.

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