British energy services company Subsea 7 said it secured a contract valued at more than $150 million for work offshore Egypt, four months after deep staff cuts.

Subsea 7 said it secured what it considered a substantial contract for work in the deep waters off the coast of Egypt. The work calls for pipelines and associated structures for operations in the Atoll field.

"We are delighted to strengthen our presence in Egypt," Subsea 7's regional Vice President Gilles Lafaye said in a statement.

The company said it considers a substantial contract to be valued at between $150 million and $300 million.

In early June, Subsea 7 said it would cut about 1,200 positions by early 2017 because of "difficult" conditions in the oil and gas sector. Apart from staffing cuts, the company said it was shaking up its front office to focus more on long-term strategic priorities.

Also in June, BP and its regional partners sanctioned a fast-track scheme to bring 300 million cubic feet of natural gas per day to the domestic Egyptian market from the deepwater Atoll development by the first half of 2018.

BP made the Atoll discovery in March 2015. The company said the fast-track development could establish the East Nile Delta as an emerging energy hub for Egypt. A West Nile Delta project involves the development of 5 trillion cubic feet of potential reserves. Full-scale production, expected to begin in 2017, is expected to be around 1.2 billion cubic feet of gas per day, which represents about a quarter of the country's total.