Saipem is taking the vessel for another year from May 2015, after exercising the last of three yearly extension options with Solstad Offshore.
Both the companies did not disclose the value of the extended contract.
Solstad Offshore owns the Normand Cutter vessel, which was built in 2001 by Ulstein Verft.
The 127.5m long vessel can house a crew of 70 and can operate in both shallow and deep water, as well as at sea for 40 days.
The Solstad Offshore fleet features around 50 fully owned / jointly owned vessels, including 1 newbuild that is planned to be delivered in 2016.
Saipem operates in the engineering and construction, and drilling businesses, with a focus on oil and gas-associated activities in remote areas and deep-waters.
The company started offshore operations in the Mediterranean in the early 1960s, and expanded to the North Sea in 1972.
Italian energy firm Eni currently owns a 43% of stake in Saipem, which serves both onshore and offshore sectors.
Earlier in 2015, Saipem signed a new engineering and construction contract worth approximately $1.8bn for the Kashagan field project, located in the Kazakh waters of the Caspian Sea.