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McDermott announced a September 8 subsea contract from Eni Cyprus for Cronos offshore Cyprus. Scope includes project management, engineering, procurement and installation support.
The company classifies the award in its $500–750 million band without disclosing an exact value. International engineering teams and its marine construction fleet will support execution. The contract award does not indicate that field production has started.
McDermott calls this its first subsea project award with Eni and says it expands its Eastern Mediterranean presence. The release lists project management, engineering, procurement and installation support as the main work packages. This describes contractor services; it does not make McDermott the owner of the Cronos field or the seller of its gas.
McDermott classifies “substantial” contracts in a range of $500 million to $750 million. The announcement gives that category but does not disclose the exact contract value. The distinction matters: the range describes the award class and should not be presented as a confirmed project budget. The company also did not disclose a well count, installation schedule or first-gas date.
Teams in Houston, Perth, London and Kuala Lumpur will contribute, alongside the company’s marine construction fleet. Naming those locations indicates that engineering expertise and offshore execution resources will be brought together across several centres. It does not establish a particular construction sequence or completion date.
The award is a project-development step, not evidence that Cronos production has started. Work described in the release remains subject to project design, contract scope and execution planning. The source confirms McDermott received the award; it does not say the listed services have already been completed.