The Aberdeen-based firm will deliver topside operations and maintenance services to the Balmoral floating production vessel (FPV) in the Central North Sea and the Solan installation, West of Shetland.
The two-year deal features three, one-year extension options and ensures 150 jobs are secure.
Wood Group has been delivering operations, maintenance and engineering services to the Balmoral FPV since 2012.
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In addition, it is currently supporting Premier Oil to deliver fabric maintenance services to the Balmoral FPV in a separate contract which has been in place since 2014.
Dave Stewart, Chief Executive Officer of Wood Group's Asset Life Cycle Solutions business in the eastern region said: "This contract clearly demonstrates the strong partnership we have developed with Premier Oil in the North Sea; renewing our support of the Balmoral FPV and broadening our delivery to include the Solan field, which came on stream in April 2016.
"We have consistently and successfully assured the management of safety and integrity and applied our innovation and technical expertise to maximize uptime and production, whilst also reducing field lift costs."
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