McDermott Secures Subsea Contract for the Cronos Gas Field in Cypriot Waters
McDermott has secured a subsea contract from Eni Cyprus, valued between $500 million and $750 million, to develop infrastructure at the Cronos gas field located off the coast of Cyprus. The project involves engineering, procurement, construction, and installation services for deepwater operations in water depths exceeding 2,286 meters. McDermott will leverage its global teams based in Houston, Perth, London, and Kuala Lumpur, along with its marine fleet to execute this work. The Cronos gas field is estimated to hold over three trillion cubic feet of natural gas and aims for a production plateau of 500 million standard cubic feet per day. The extracted gas will be processed at Egypt's Zohr facilities before being liquefied in Damietta, primarily for export to European markets. Eni made the final investment decision on the project in July 2026 and aims to deliver first production by 2028.
