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15 November, 2018 11:34 IST
Larsen & Tubro bags near Rs 11.50 bn contract
Source: IRIS | 11 Oct, 2017, 12.25PM
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L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Transportation & Installation-Daman Development Project from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 11.50 billion (~ 177 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 extract gas from Daman Field, is situated in the south western part of Tapti - Daman block in Mumbai Offshore, located at about 160-200 km North West direction from Mumbai city and 160 km West of Daman.
 
L&T has been serving the upstream hydrocarbon sector since early the '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 3.2, or 0.28%, to trade at Rs 1,146.00. The total volume of shares traded was 186,324 at the BSE (12.13 p.m., Wednesday).

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