RIG – Transocean, Ltd. – Shares of the international provider of offshore contract drilling services for oil and gas wells are trending higher this afternoon, keeping up with rallies enjoyed by a number of other industry players today. Transocean’s shares increased as much as 5.3% during the session to secure an intraday high of $53.71. The rally attracted options players to rig up near-term and longer-term bullish positions in order to prepare for shares to extend gains going forward. Investors eyeing upside potential through expiration day this morning picked up at least 1,000 calls at the September $55 strike at an average premium of $1.15 apiece. Traders long the calls make money if RIG’s shares rally another 4.5% over today’s high of $53.71 to trade above the average breakeven price of $56.16 by expiration day. Optimism spread to the January 2011 $60 strike where bulls bought roughly 1,500 calls for an average premium of $3.35 a-pop. Investors holding these contracts start to amass profits if Transocean’s shares surge 17.95% to surpass the average breakeven point to the upside at $63.35. Finally, uber-bulls scooped up another 1,800 calls at the higher January 2011 $70 strike by shelling out an average premium of $1.26 each. Traders stand ready to profit should RIG’s shares jump 32.675% to trade above $71.26 by expiration day in January.