Saipem, in collaboration with BOS Shelf and BOS Shelf International FZCO, has been awarded a $300m (£231m) contract by energy giant BP for subsea construction in the Caspian Sea off the coast of Azerbaijan. 

The agreement involves the use of the SCV Khankendi, a vessel tailored for subsea construction and owned by the Shah Deniz consortium. 

The contract's estimated total value for services requested by the client is around $300m, with Saipem's share approximately $250m.  

Saipem said its responsibilities under this agreement include operating the vessel, providing the crew, and executing marine activities for the Shah Deniz and Azeri-Chirag-Gunashli oilfields. 

The Shah Deniz gas field is said to be one of the largest gas-condensate fields in the world.  

Last month, Hungary's state-owned energy company MVM agreed to acquire a 5% interest in the field. 

The consortium will undertake engineering, procurement, construction and installation of subsea infrastructures, as well as offer life-of-field services.  

The contract has an initial duration of three years, with an option to extend it for two more years. 

Saipem's relationship with bp dates back to the late 1990s. 

In 2016, it was entrusted with the operational management of the SCV Khankendi for offshore activities in the Shah Deniz field, under a previous framework agreement with bp. 

Earlier in May, Saipem secured three contracts worth $3.7bn from TotalEnergies EP Angola Block 20 for the Kaminho project offshore Angola.  

These contracts include the development of the Cameia and Golfinho oilfields, the operation and maintenance of a floating production storage and offloading vessel, and a comprehensive subsea package.