McDermott and Eunice Energy Group to Collaborate on Greece-Africa Power Interconnection

McDermott and Eunice Energy Group announce the signing of a memorandum of understanding (MoU) for cooperation on the two-gigawatt (2 GW) electrical interconnection between Greece and Egypt, known as the Greece-Africa Power (GAP) Interconnector project.

Eunice Energy Group is leading the transnational consortium between Greece and Egypt for the GAP project, which aims to contribute to regional energy security and stability by facilitatingintercontinental clean energy transfer. As part of the consortium, McDermott, a leader in engineering, procurement, construction and installation (EPCI) for subsea and deepwater, will be providing engineering and construction guidance for the project.

American foreign policy is aligned with the strategic energy objectives of Greece, and GAP represents a project within the national interests of both countries.

"This is an MOU of strategic importance at a time when Europe is working to ensure energy security," said Michael McKelvy, McDermott President and CEO. "I am proud to join forces with Eunice Energy Group on the GAP project and help build the future of energy in the region."

George Kalavrouziotis, Eunice Energy Group CEO added: "Eunice is thrilled to partner with an American industry leader like McDermott. The GAP Project is the leading electrical interconnection project in the East Mediterranean region, being at the top of the list in terms of technical feasibility and regulatory approval. The 2 GW interconnector will help Egypt export its surplus power to Europe, and enable Greece to export its domestically produced green energy into the Balkans and Italy, thus contributing to Europe's energy independence from Russia's energy resources."