Under the contract, Subsea 7 will provide engineering, procurement, construction services and install more than 40km of rigid pipelines and associated structures for the new Atoll field.
The company will also install a 105km umbilical connecting the field to shore.
Engineering and procurement services for the project have already started.
The Subsea 7 vessels Seven Borealis, Seven Eagle, and Seven Arctic will be used to conduct offshore campaigns in the second half of next year and in early 2018.
Subsea 7 Africa region vice-president Gilles Lafaye said: “We are delighted to strengthen our presence in Egypt.
“This substantial contract award recognises our technical expertise and track record of strong execution for Pharaonic Petroleum Company.”
The Atoll gasfield lies in the North Damietta Concession offshore Egypt in the East Nile Delta and will be developed by BP, which has a 100% equity in the discovery.
BP approved the field development in partnership with Egyptian Natural Gas Holding (EGAS) in June.
The company discovered the field in March 2015 by drilling the Atoll-1 deepwater exploration discovery well.
The well was drilled using the sixth generation semi-submersible rig Maersk Discoverer, reached a depth of 6,400m.