McDermott secures $750M contract for Cyprus Cronos gas field

McDermott has secured a subsea contract valued between $500 million and $750 million from Eni for the development of the Cronos gas field offshore Cyprus. This agreement marks McDermott’s first subsea project award with Eni and expands its footprint in the Eastern Mediterranean.

The Cronos field, located in offshore Block 6, is operated by Eni with a 50% interest, alongside TotalEnergies, which holds the remaining 50%. Following a final investment decision in July, the project aims to begin production in 2028, targeting a plateau of approximately 500 million cubic feet per day.

Under the terms of the contract, McDermott will provide project management, engineering, procurement, and installation support. The technical design involves four subsea wells that will connect to existing infrastructure in Egypt. The natural gas will be transported via pipeline to the Zohr field for processing and subsequently sent to the Damietta LNG terminal for liquefaction and export to European markets.