McDermott secures subsea contract from Eni for Cronos gas field development offshore Cyprus

Type: Supply Agreement · Technology: Oil Gas · Country: Cyprus · Capacity: 500 million cubic feet per day · Value: $500M · Announced: 2026-09-08

McDermott has been awarded a subsea contract by Eni for the Cronos gas field development located offshore Cyprus, with the contract valued between $500 million and $750 million. Under the agreement, McDermott will provide project management, engineering, procurement, and installation support for the Cronos field. This marks McDermott's first subsea project award with Eni and expands its presence in the Eastern Mediterranean region. The Cronos field, operated by Eni with a 50% interest alongside TotalEnergies, is targeting production by 2028 at a plateau of around 500 million cubic feet per day. Gas from the field is planned to be transported by subsea pipeline to Egypt, utilizing existing infrastructure at the Zohr field, and then liquefied at the Damietta LNG terminal for export to European markets.

Analysis

McDermott secured a subsea contract valued between $500 million and $750 million from Eni for the Cronos gas field development offshore Cyprus, announced on 2026-09-08. McDermott International, a global EPCI company, specializes in complex energy infrastructure projects. Eni, an integrated energy company, operates in 64 countries. Under the agreement, McDermott will provide project management, engineering, procurement, and installation support for the Cronos field, which is targeting production by 2028 at a plateau of around 500 million cubic feet per day.

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