The company’s subsidiary signed the contract with a Middle East-Chinese consortium which is made up of six parties.
Under the contract, SBI will provide design, engineering and supervision services for a jack-up drilling rig designed for operation in the Middle East or Asian regions.
Work is set to start during the second half of this year, with revenue from the deal expected to be booked this financial year and next year.
The drill rig will be able to operate in water depths of up to 110 metres.
Over the past year, SBI has added a number of senior engineers who are experienced in design, operations and management of drilling services.
SBI executive chairman Chan Lai Thong said this was a good opportunity for the company to move into new markets.
“We are confident that it will augur opportunities for drilling equipment and our own entry as a specialist player in large-scale mainstream oil and gas projects,” he said.