The vessel, the PC-22 Warao, ran aground on a reef off the coast of Brazil in 2012, resulting in heavy hull and propulsion system damage.
Navantia built the ship and delivered it to the Venezuelan navy in 2011.
The contract for the services is between Navantia and Brazilian company Ecovix-Engevix. Navantia did not detail the value of the award but said it "represents 40,000 hours of work for Navantia."
In addition to technical consulting services, Navantia will also provide the propulsion, power generation and automated control systems for the ship's hull. Much of the work will be performed in Cartagena, Spain.
Navantia, which has a presence in Brazil and is modernizing a Brazilian navy ship, said repairs to the Venezuelan vessel are being conducted at the Brazilian Navy Arsenal at Rio de Janeiro.