Baker Hughes secures subsea systems contract for Eni's Cyprus gas field
+2 new sources since this summary was written
Baker Hughes announced it has been awarded a deal by Eni to provide subsea production equipment and related services for the Cronos deep‑water gas development offshore Cyprus. The agreement, recorded in the third quarter of 2026, calls for the first deliveries in the first half of 2027 and includes subsea trees, wellheads, connectors, manifolds and topside control systems. Cronos is a 50/50 venture between Eni and TotalEnergies and aims to deliver roughly 2.8 million tonnes of LNG per year, creating a new export route to Europe.
Why it matters
The contract adds a new revenue stream for Baker Hughes beginning in 2027, supporting its oilfield services segment. It also advances Eni's plan to bring Cypriot gas to European markets, which could affect regional supply dynamics.
Key facts
- 1Baker Hughes won the subsea systems contract from Eni in Q3 2026. oedigital.com
- 2Initial equipment deliveries are scheduled for the first half of 2027. oedigital.com
- 3The scope covers subsea trees, wellheads, connectors, manifolds and topside control systems. oedigital.com
- 4Cronos is owned equally by Eni (50%) and TotalEnergies (50%). oedigital.com
- 5The field’s final investment decision was taken in July 2026. oedigital.com
- 6Cronos is expected to produce about 2.8 million tonnes per annum of LNG. oedigital.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.