McDermott has secured a subsea contract from Eni Cyprus, a subsidiary of Eni, for the Cronos gas development in Cyprus’ offshore Block 6.
The contract is classified by McDermott as substantial, a category it defines as having a value between $500m and $750m.
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This is the first subsea project award for McDermott from Eni and extends the company’s activities in the Eastern Mediterranean.
Under the terms of the contract, McDermott will provide project management, engineering, procurement and installation support for the field’s subsea infrastructure.
McDermott will deploy its subsea and floating facilities team to execute the work, utilising expertise and resources from Houston, Perth, London and Kuala Lumpur.
The company’s marine construction fleet will provide additional support.
McDermott subsea and floating facilities senior vice-president Mahesh Swaminathan said: “This award demonstrates the strength of McDermott’s integrated subsea engineering, procurement, construction and installation capabilities and reflects the value we bring through our technical expertise and differentiated deepwater asset, the Amazon.
“Our global execution teams, supported by reliable local partnerships, will help advance the Cronos development safely and efficiently.”
The Cronos gas field, located within Cyprus’ exclusive economic zone, lies 160km offshore in water depths of 2,287m.
Eni Cyprus operates the field in partnership with TotalEnergies, with both companies holding an equal stake.
The Block 6 exploration licence was awarded in April 2017 following Cyprus’ third licensing round.
Cronos is estimated to contain more than three trillion cubic feet of gas in place.
Production is set to reach a plateau of 500 million standard cubic feet per day.
The gas will be transported for processing at existing Zohr facilities in Egypt and later liquefied at the Damietta liquefied natural gas (LNG) plant, primarily for export to international markets including Europe.
In February 2025, the partners in Block 6 finalised a Host Government Agreement with the governments of Egypt and Cyprus to facilitate the development of the gas resources in Block 6.
In July 2026, Eni announced the final investment decision for the Cronos project, aiming to deliver the first gas from Cyprus to the market in 2028.
