McDermott Wins Major Eni Subsea Deal for Cyprus Gas Field
Italian energy major Eni has awarded Houston contractor McDermott a subsea contract valued at up to $750 million for the Cronos development offshore Cyprus.
Houston-based offshore contractor McDermott has secured a major subsea contract from Italian energy company Eni to support the Cronos natural gas project located offshore Cyprus.
McDermott categorizes the deal as a substantial award, which represents a contract value ranging between $500 million and $750 million. The scope of work encompasses project management, engineering, procurement, and installation activities.
The deepwater development is being advanced on a fast-track schedule to bring the offshore Mediterranean gas discovery into production, adding substantial execution work to McDermott's global subsea orderbook.
The award highlights sustained capital deployment in Mediterranean deepwater energy infrastructure as operators move to tap regional gas reserves.
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