Transocean gets 5-year $1.06 bln rig contract renewal

HOUSTON, June 19 (Reuters) - Transocean Inc (RIG.N), the world's largest offshore contract driller, on Thursday said it has been awarded a contract renewal for one of its ultra-deepwater rigs that may be worth as much as $1.06 billion.

The company's GSF Development Driller II, capable of drilling in water depths of 7,500 feet, was awarded a five-year contract extension by a subsidiary of BP Plc (BP.L), the company said in a news release.

The renewal starts in November 2008. (Reporting by Anna Driver in Houston, editing by Phil Berlowitz)