The contract requires Dyna-Mac to build six topside modules for a floating production storage offloading (FPSO) vessel that will be installed at Eni’s East Hub project at Block 15/06 offshore Angola.
Dyna-Mac expects to deliver the modules in the first quarter of 2016.
The FPSO will be equipped to store 1.8 million barrels of oil, with the capacity to handle 80,000 barrels per day of oil production.
It will be capable of 120,000 barrels per day (bpd) of water injection and 120 million standard cubic feet per day of gas handling capacities.
The FPSO will be moored at a water depth of 450m with first oil expected in the fourth quarter of 2016.
Dyna-Mac Desmond Lim said: "We are delighted to be selected by Bumi Armada’s affiliate, Armada Cabaca Ltd to partner them in their strategy as a top-tier global FPSO player.
"Since 2011, we have successfully delivered 14 units of the topside modules to their fleet of FPSOs with four more modules in various stages of construction."
Eni has secured a three-year extension for the exploration of its 15/06 offshore block in Angola.
The company has discovered more than three billion barrels of oil in place and 850 million barrels of reserves in the block, which it acquired in 2006.
The three-year plan includes the drilling of three wells and 1,000km² of 3D seismic.