The first five-year deal covers potential engineering, procurement and construction contracts for “new and maturing developments”, according to the Norwegian engineering and fabrication contractor.

In addition, Aker has a five-year servicing agreement for equipment delivered under the first contract and to support previously installed subsea hardware.

Both agreements, which are effective from August this year, will enable Aker to bid for work as one of four preferred suppliers on BP’s field development projects with their value dependent on the volume of orders won.

“We look forward to working together to find sustainable solutions for securing needed energy resources from BP’s subsea fields around the world,” said chief executive Luis Araujo.