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17 October, 2018 02:59 IST
Larsen & Toubro secures contract around worth Rs 12.67 bn
Source: IRIS | 13 Nov, 2017, 10.22AM
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L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Balance Work for Pipeline Replacement Project-4 from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 12.67 billion (~ 194 million USD).

The contract, won against international competitive bidding, encompasses total 'EPCIC' - Engineering, Procurement, Construction, Installation and Commissioning for the project. The project, part of ONGC's (Q,N,C,F)* strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works on existing platforms in its Mumbai High, Neelam, Heera and Bassein & Satellite Fields which are situated in the Western Offshore field in the Arabian Sea on the continental shelf of Western India.

L&T has been serving the upstream hydrocarbon sector since the early '90s. This contract reiterates the long term association of ONGC with L&T in the development of offshore fields in India. The company's offshore track record includes successful completion of several challenging projects for domestic and international clients. LTHE (Q,N,C,F)* provides complete 'EPCIC' solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication and sea installation capabilities meeting stringent timelines, conforming to international safety standards.

Shares of the company gained Rs 6.85, or 0.56%, to trade at Rs 1,223.45. The total volume of shares traded was 126,091 at the BSE (10.08 a.m., Monday).

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