McDermott Wins $500M-$750M Eni Subsea Deal for Cyprus Gas Field
Houston – September 11, 2026 -- McDermott has secured a subsea contract worth between $500 million and $750 million from Eni Cyprus Limited to develop the Cronos gas field offshore Cyprus, marking the company's first subsea award from Eni and its expansion into the Eastern Mediterranean.
McDermott to handle full subsea scope for Cronos field
Under the contract, McDermott will deliver project management, engineering, procurement and installation support for the Cronos gas field development. The company classifies the deal as "substantial," placing its value in the $500 million to $750 million range.
Execution spans four global engineering hubs
The project will be run by McDermott's Subsea and Floating Facilities team, drawing on resources from Houston, Perth, London and Kuala Lumpur. Work will be backed by the company's marine construction fleet, including its deepwater asset the Amazon.