Project economics is the focus as McDermott secures its first subsea contract with Eni for the Cronos gas development offshore Cyprus. Eni discovered Cronos in 2022, appraised it in 2024 and reached a final investment decision in July 2026.
McDermott valued the award at $500 million to $750 million. The company will provide project management, engineering, procurement and installation support, using teams in Houston, Perth, London and Kuala Lumpur along with its marine construction fleet.
The development will use four subsea wells in Block 6, about 185 kilometers southwest of Cyprus. A subsea pipeline will carry the gas to Egypt, where the Zohr facilities will process it before liquefaction at the Damietta LNG terminal and export to international markets, mainly Europe.
Production is expected to start in 2028 and reach about 500 million cubic feet per day, equal to roughly 2.8 million tonnes of LNG a year. TotalEnergies will market half of that volume. The plan gives Cyprus a route to market without requiring a new domestic processing and export chain.