Baker Hughes Wins Significant Subsea Production Systems and Services Award for Eni’s Cronos Gas Development

Work is underway, with initial equipment deliveries expected in the first half of 2027.

Rhea-AI Summary

Baker Hughes (NASDAQ: BKR) won a contract from Eni to supply subsea production systems and services for the Cronos gas development.

The deepwater project is offshore Cyprus, and the award was booked in the third quarter of 2026. Work is underway, with initial equipment deliveries expected in the first half of 2027. The scope includes subsea trees, wellheads, connectors, manifolds, topside controls and associated services. Baker Hughes said its standardized, configurable systems are designed to reduce complexity and improve delivery predictability in support of Eni’s accelerated schedule to first gas.

2 points · 0 major

PositiveiHow this balance works

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0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointEni contract adds subsea production systems and services work for Cronos; booked in the third quarter of 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Project work is underway, with initial equipment deliveries expected in the first half of 2027.

Negative

• None.

Key Figures

Initial equipment deliveries: First half of 2027

Initial equipment deliveries

First half of 2027

Expected project milestone

Key Terms

subsea trees, wellheads, topside controls

3 terms

subsea trees technical

"deepwater subsea trees, wellheads, connectors"

Subsea trees are the groups of valves, sensors and connectors installed on the seabed at the top of an underwater oil or gas well to start, stop and measure flow—think of them as the valve and instrument pack for an underwater faucet. They matter to investors because their design, reliability and maintenance determine how much product a field can deliver, how often production is interrupted, the cost of repairs or replacements, and the safety and regulatory risks that can affect project cash flow and capital needs.

wellheads technical

"deepwater subsea trees, wellheads, connectors"

Wellheads are the surface assembly of pipes, valves and fittings installed at the top of an oil or gas well that control and measure the flow of hydrocarbons from underground. Think of a wellhead like the faucet and meter on a home plumbing system: it manages flow, provides safety shutoffs and links the well to processing or transport equipment. For investors, the number, condition and performance of wellheads influence production levels, safety and maintenance costs, regulatory compliance and therefore the revenue and value of energy assets.

topside controls technical

"manifolds, topside controls and associated services"

Controls applied to management-level, manual or ‘topside’ adjustments made during the financial close and consolidation process. They are procedures—such as approval workflows, documentation requirements, segregation of duties, and reconciliations—designed to ensure that high‑level entries or overrides (which sit above automated ledgers) are accurate, authorized, and traceable; the phrase refers specifically to controls over those post‑ledger adjustments, not to all internal controls across a company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Standardized and configurable production systems support an accelerated timeline to first gas

HOUSTON and LONDON, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday a significant contract from Eni to provide subsea production systems and services for its deepwater Cronos gas development offshore Cyprus. The award was booked in the third quarter of 2026.

To support Eni’s accelerated project schedule, Baker Hughes will leverage its deepwater expertise and standardized, configurable subsea production solutions to help reduce complexity, de-risk delivery and shorten the path to first gas. This supplier-led approach is designed to provide greater schedule predictability, supporting Eni to meet key project milestones.

“Baker Hughes has worked alongside Eni on deepwater projects around the world for many years, and Cronos is another important step in that relationship,” said Baker Hughes Executive Vice President of Oilfield Services & Equipment Amerino Gatti. “By pairing our expertise in complex deepwater environments with configurable subsea production solutions, we are supporting Eni’s efforts to safely bring its reserves into production with their fast track approach.”

The subsea production systems scope includes deepwater subsea trees, wellheads, connectors, manifolds, topside controls and associated services.

Work on the project is underway, with initial equipment deliveries expected in the first half of 2027.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Kirk Eggleston
+1 346-521-8438
Kirk.Eggleston@bakerhughes.com 

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/53472444-6495-4a9b-b7ff-7e5929b5817b   

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What contract did Baker Hughes win for Eni’s Cronos gas development?

Baker Hughes won a contract to supply subsea production systems and services for Eni’s deepwater Cronos gas development offshore Cyprus. The award was booked in the third quarter of 2026.

When will Baker Hughes deliver equipment for the Cronos project?

Initial equipment deliveries are expected in the first half of 2027. Work on the project is already underway.