The Blacktip project sees Eni team up with Woodside in a JV operating 110km off Australia's north coast in the Bonaparte Basin, located in the Timor Sea.
Product is sent to the Yelcherr domestic gas plant in Darwin. Eni had apparently been looking to offload the project over the past year, but did not find any takers.
Under the contract, Upstream PS has an option to extend the three year contract period to five years.
The contract scope of work includes administration and execution of maintenance activities and "associated support in relation to the unmanned Blacktip wellhead platform," as well as Yelcherr.
Upstream PS CEO Cameron Wills noted the ongoing relationship between the two players.
"At the core of this partnership are the aligned values that both organisations share," Wills said.
"We are delighted to continue...maintaining Eni assets and contributing to sustainable business growth."
GR Engineering managing director Geoff Jones noted the economic impact of the Blacktip project.
"We are excited that we have been given the opportunity to continue...on this regionally significant project in the Northern Territory," Jones said.
"Upstream PS has a well established track record in the supply of safe and efficient operations."
GR Engineering's share price is up 3.7% at market close at $2.23.