MILAN - Italian energy contractor Saipem said on Friday it signed a framework agreement, as leader of a consortium, with BP to offer services for offshore projects in Azerbaijan.

The deal has a total value of approximately $300 million, of which Saipem's share is $250 million, the Italian company said in a statement.

The consortium it is leading comprises Saipem Contracting Netherlands B.V., Azerbaijan's BOS Shelf LLC and Dubai's BOS Shelf International FZCO, it said.

It will serve offshore gas and oil fields in the Caspian Sea using the subsea consortium vessel (Scv) Khankendi, a vessel owned by the Shah Deniz gas field consortium.

"The consortium's responsibilities include engineering, procurement, construction and installation of subsea infrastructures and life-of-field services," Saipem said.

The agreement with BP will have an initial duration of three years, with the possibility of extension for a further two years, it added.

(Reporting by Alessia Pe, editing by Alvise Armellini)