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.
— Option Monster