BP signed a three-year contract extension worth $544 million for Transocean's Deepwater Horizon vessel and will pay an extra $3.4 million in annual rent for the rig's services, Transocean said. BP used the rig to find the Tiber prospect in the Gulf of Mexico, and the site is estimated to contain 3 billion barrels of oil. The deal will allow BP to continue to explore wells in a geological formation called the Lower Tertiary.

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