NE – Noble Corp. – Options investors established bullish positions on the provider of offshore contract drilling services this morning despite the 6.35% decline in the price of the underlying shares to $28.16. Noble’s shares fell sharply following President Barack Obama’s announcement on Thursday there is to be a six month moratorium on new offshore drilling. Contrarian players took advantage of richer put premium available today by selling short roughly 2,700 put options at the December $22.5 strike to take in an average premium of $1.475 per contract. Put sellers keep the full premium received as long as Noble’s shares exceed $22.50 through expiration day in December. Investors short the puts are apparently happy to have shares of the underlying stock put to them at an average price of $21.025 apiece should the put options land in-the-money at expiration. Shares must plummet 20% from the current price of $28.16 to dip beneath the $22.50 strike price, and must decline roughly 25.33% from the current price before put sellers face losses beneath the breakeven price of $21.025.