Baker Hughes Company BKR has secured a significant contract from Eni S.p.A. E to supply subsea production systems and related services for the Cronos deepwater gas development offshore Cyprus. The contract, booked in the third quarter of 2026, strengthens Baker Hughes' project portfolio and highlights its established relationship with Eni.
The latest agreement reinforces BKR's position in the deepwater energy market and creates opportunities to generate revenues through equipment deliveries and associated services.
BKR's Subsea Expertise Supports Eni's Cronos Project
Under the agreement, Baker Hughes will deliver subsea trees, wellheads, connectors, manifolds, topside controls and supporting services. The company will deploy standardized, configurable subsea solutions to simplify project execution and support Eni's accelerated development schedule.
BKR's approach aims to reduce operational complexity, improve delivery predictability and help Eni advance the project toward initial gas production. Work is already underway, with the first equipment deliveries scheduled for the first half of 2027.
Contract Strengthens BKR's Revenue Visibility
The award expands Baker Hughes' subsea project backlog, boosting earnings and supporting activity across its Oilfield Services & Equipment business.
The contract also reinforces BKR's ability to secure complex offshore assignments, strengthening its competitive position in deepwater developments.
Longstanding Partnership With Eni Offers Advantages
Baker Hughes' established relationship with Eni provides opportunities for continued collaboration on technically demanding offshore projects. Successful execution of Cronos will demonstrate BKR's ability to deliver integrated solutions under accelerated timelines.
What Does the Contract Mean for BKR Investors?
For investors, the contract represents a positive development, supporting Baker Hughes' long-term growth prospects and reinforcing demand for its subsea technologies. Timely project execution and equipment deliveries will remain key to translating the award into revenues and earnings.
BKR & E's Zacks Rank & Other Key Picks
Baker Hughes currently carries a Zacks Rank #2 (Buy), while Eni sports a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the oil and energy sector are EOG Resources, Inc. EOG and Cenovus Energy Inc. CVE. CVE currently flaunts a Zacks Rank #1, while EOG carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources maintains a diversified upstream portfolio across major U.S. oil and natural gas producing regions. Its emphasis on high-return drilling opportunities, operational efficiency and disciplined capital spending supports its long-term production and cash flow prospects. The Zacks Consensus Estimate for EOG’s third-quarter 2026 earnings suggests a 64.2% improvement from the prior-year reported figure.
Cenovus is a Canadian integrated energy company with oil sands, conventional oil and natural gas production assets, alongside refining and upgrading operations. The company’s integrated business model helps optimize crude oil processing, manage commodity price exposure and strengthen cash flow generation. The Zacks Consensus Estimate for CVE’s third-quarter 2026 earnings indicates a 132.7% improvement from the prior-year reported figure.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This innovative software-as-a-service firm upped its user base +22% year over year. That rate is increasing and margins are expanding as AI efficiencies take effect. Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Baker Hughes Company (BKR): Free Stock Analysis Report
Eni SpA (E): Free Stock Analysis Report
EOG Resources, Inc. (EOG): Free Stock Analysis Report
Cenovus Energy Inc (CVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).