McDermott Wins Cronos Subsea Contract as China FCU Execution Signals Emerge

McDermott has secured a substantial Cronos subsea contract, while industry project data and Chinese procurement activity point to FCU execution preparation.

McDermott has secured a substantial subsea contract from Eni Cyprus for the Cronos gas development offshore Cyprus. Under McDermott’s definition, a substantial contract is valued between US$500 million and US$750 million, and the award is its first subsea project with Eni.

The scope covers project management, engineering, procurement and installation support, delivered by McDermott’s Subsea and Floating Facilities team and its global engineering and marine-construction resources.

Fast-track development through Egyptian infrastructure

Eni and TotalEnergies each hold 50% in Block 6, where Eni operates Cronos. Eni took FID in July 2026 and targets first gas in 2028. Gas is planned to be processed through existing Zohr facilities in Egypt before liquefaction at Damietta LNG for international export.

Westwood Energy project data identifies China Merchants Heavy Industry as EPCI contractor for a Floating Control Unit (FCU). Recent procurement activity by China Merchants Heavy Industry (Jiangsu) under the CRONOS FCU project code provides an execution signal. This is industry and procurement intelligence rather than project-company confirmation; the final EPCI assignment and scope remain subject to formal disclosure.