The field is located in 1,200m water depth.
The contract from Sabah Shell Petroleum Co Ltd will be executed over three years, beginning this year, SapuraCrest told Bursa Malaysia yesterday.
Shell is the operator of the Gumusut-Kakap field as a contractor to Petroliam Nasional Bhd (Petronas).
The award reflects Shell's and Petronas' confidence in our capability and reaffirms the position of SapuraCrest as a leading provider of technologically superior and high-quality services in the region," executive vice-chairman Datuk Shahril Shamsuddin said in a statement.
SapuraCrest will execute the works through joint-venture company Sapura Acergy Sdn Bhd.
Engineering and procurement work will start immediately, while offshore installation will begin next year.
The field is the first deepwater development for Shell in Malaysia, and SapuraCrest's second deepwater construction work to date, after the Kikeh gas pipeline in Sarawak at a water depth of 1,400m.
SapuraCrest said the project will involve more Malaysian engineers and managers, giving them opportunities to further develop in this highly-specialised field.
A major portion of the works will be performed by the group's state-of-the-art heavy lift and deepwater pipelay vessel, Sapura 3000.
"We have invested heavily in strategic assets and resources to the tune of RM1 billion over the last five years, and this has helped us position SapuraCrest to undertake projects of this magnitude and complexity," Shahril said.