Larsen and Toubro's Hydrocarbon vertical Secures a Large Offshore Order From ONGC

In a positive development, Larsen and Toubro's Hydrocarbon vertical (L&T Energy) on Thursday, June 13, through an exchange filing announced that the company has clinched an important contract from the Oil and Natural Gas Corporation (ONGC).

Share performance

The shares of Larsen and Toubro Ltd on Thursday, June 13, on NSE opened at Rs 3,665.50 and reached a high of Rs 3,715.90 and a low of Rs 3,635.00. As of 1:00 pm IST, the shares of the company were trading at Rs 3,715.45, up by 2.35 per cent.

About the project

The project, Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), marks an important milestone by the company in the offshore energy sector off India's west cost.

Scope of the project

According to the regulatory filing, the company added that the scope of the work encompasses the complete spectrum of engineering, procurement, construction, installation, and commissioning. The company will undertake the development of four Wellhead Platforms, and 140-km Pipeline and associated Topside modifications at Tapti Daman block at a Western offshore location.

Commenting on this, Subramanian Sarma, Whole-time Director & President (Energy), L&T said, “This order demonstrates ONGC’s confidence in L&T forged through execution of multiple complex offshore projects and also reinforces L&T’s commitment to contribute towards India’s energy security”.

It is organised under various business groups including Offshore, Onshore EPC, Modular Fabrication, Advanced Value Engineering & Technology (AdVENT), and Offshore Wind Farm, L&T's Hydrocarbon vertical offering design-to-build solutions across the hydrocarbon sector, the company added in the exchange filing.