Larsen and Toubro Ltd on Monday said that its subsidiary, L&T Hydrocarbon Engineering (LTHE), has won an offshore contract worth Rs.894 crore from Oil and Natural Gas Corp. Ltd (ONGC). The order is for additional development of ONGC’s Vasai East project. The contract includes engineering, procurement, construction and installation of two wellhead platforms, subsea pipelines and modification of existing facilities in Heera-Panna-Bassein block of Mumbai Offshore, the company said in a statement.
The project, part of ONGC’s strategy to improve the recovery factor of Vasai East field, is scheduled to be completed by April. This order is one of the many domestic orders India’s largest engineering and construction company has received in the recent past.
The company’s management has already said that there may be more domestic orders in the next few years versus its current trend of higher orders from international projects. The hydrocarbon segment of the firm however has been facing margin challenges due to high costs and slower execution.
The operating margin of the hydrocarbon segment was negative for the quarter ended 30 September, compared with a positive margin of 8.7% in the corresponding quarter of the previous year. Shares of L&T rose 1% to Rs.1,504.30 apiece on the BSE at 10.15am on Monday, while the benchmark Sensex index was up 0.71% at 27,434.43 points.
The project, part of ONGC’s strategy to improve the recovery factor of Vasai East field, is scheduled to be completed by April. This order is one of the many domestic orders India’s largest engineering and construction company has received in the recent past.
The company’s management has already said that there may be more domestic orders in the next few years versus its current trend of higher orders from international projects. The hydrocarbon segment of the firm however has been facing margin challenges due to high costs and slower execution.
The operating margin of the hydrocarbon segment was negative for the quarter ended 30 September, compared with a positive margin of 8.7% in the corresponding quarter of the previous year. Shares of L&T rose 1% to Rs.1,504.30 apiece on the BSE at 10.15am on Monday, while the benchmark Sensex index was up 0.71% at 27,434.43 points.
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