Transocean put volume spiked earlier today with a buyer of the Dec 35-45 put fly a total of 1250x on the NYSE and CBOE for 95cents. Shares are currently down 2.5% near $46.76 but well off a new 52w low of 43.45 set about 50 minutes into the day. This bearish trade pays off best if shares break through those lows and approach $40 over the next two weeks.