The contract is for Shell's BC-10 phase three project in the Campos Basin, offshore Brazil.
Project management and engineering duties to be performed by Subsea 7 as part of the deal are to begin shortly, with the offshore campaign, using the construction/flexlay vessel Skandi Neptune, starting in the third quarter of 2015.
The project is scheduled to last two years.
Subsea 7 has worked with Shell previously on the BC-10 phase one development, as well as the Bijupirá-Salema project in Brazil.
The BC-10 development lies in around 1780m of water and is expected to have peak production of 28,000 barrels of oil equivalent per day once online.