Azfen, a joint venture between Turkish construction company Tekfen and the State Oil Company of Azerbaijan (SOCAR), has inked a deal with BP Exploration to manufacture, assemble and deliver a single integrated deck comprising a topside platform, drilling facilities and living quarters, according to a statement by Tekfen Holding.

Azfen has undertaken the construction within the scope of the Azeri-Çırak-Güneşli offshore oil field investment mobility initiated by BP Exploration in the Caspian Sea.

The total value of the contract is $486 million, the company said in statement to Public Disclosure Platform (KAP) yesterday. Within the scope of the partnership share in Azfen, Tekfen Construction holds a $194.5 million stake in the project.

The 16,936-ton offshore platform is expected to be completed within 38 months.

Azfen was established in January 1996. SOCAR holds a 60% share, while the remaining 40% belongs to Tekfen Construction.

With this new project, Tekfen Construction, which has been providing contracting services to the oil and gas industry in Azerbaijan since 1992, will undertake the sixth platform in the country.

"After this stage, we aim to extend our expertise in offshore platform construction beyond the Caspian Sea, first to the Mediterranean basin and then to the North Sea," Tekfen Construction General Manager Mustafa Kopuz said.

"Very large gas fields were discovered in the Mediterranean Sea to the south of Cyprus and off Egypt. Israel has started offshore operations, and the need for renewal of existing platforms in the North Sea offers significant business potential," he added.