Italian oil firm Saipem has won a $3billion contract to develop an underwater field around 100km off the coast of Nigeria.
The company, which issued its second profit warning in five months last week, has landed the deal with Total Upstream Nigeria to develop the Egina field, south of Port Harcourt.
The deal will see providing engineering, procurement, fabrication and installation of 52km of subsea pipeline and mooring systems.
Work is due to begin in 2016, and will continue until the second quarter of 2017, Saipem said, with fabrication work mainly carried out in Nigeria.