Transocean (RIG) offshore is under fire Tuesday afternoon and implied volatility in the options on the oil driller is up sharply after Reuters reported that the company’s CEO was asked about prospects for settling with BP over the Macondo incident, and he said that the focus is on preserving its indemnity. Shares are down $2.59 to $47.12 and Nov 47.5 puts, which are now in-the-money heading into this week’s expiration, are the most actives. 7,413 traded. Nov 45 puts, Nov 47.5 calls and Nov 50 calls on RIG are actively traded as well. Players are jockeying for position for the next move in the underlying and implied volatility in the options jumped 30 percent to 58.