New York-listed TechnipFMC has landed a key subsea contract worth more than $1 billion from Brazilian state giant Petrobras for work on the Mero 3 project.

TechnipFMC confirmed the development on Wednesday and noted that the “major” contract award involves an “integrated engineering, procurement, construction, and installation contract by Petrobras to deliver the Mero 3 HISEP (high-pressure separation) project.”

The company describes a major contract as one which is valued upwards of $1 billion.