Put Action Heats Up in Diamond Offshore (DO)

Shares of Diamond Offshore Drilling Inc. DO are lower on the session by 6.06%, currently trading $55.62. The stock is falling sharply today on news that one of its oilrigs in the Gulf of Mexico is leaking. Options traders are coming after puts fast and furiously. The June $58.60, 56.80, 54.90, 53.60, 51.80, 49.90, 48.60, 46.80, and 43.60 puts have all traded tons of contracts with every single strike surpassing open interest. The July $55 and 50 puts are also finding buyers; volume exceeded open interest on both those strikes as well. Diamond Offshore Drilling, Inc. is a global offshore oil and gas drilling contractor with a fleet of 47 offshore rigs consisting of 32 semisubmersibles, 14 jack-ups and one drillship. The Company offers a range of services worldwide in various markets, including the deepwater, harsh environment, conventional semisubmersible and jack-up markets.