Larsen & Toubro (L&T) has secured a major offshore contract from the Oil & Natural Gas Corporation (ONGC) for the Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP).
What Happened: The announcement came from L&T on Thursday. The Hydrocarbon vertical of the company, L&T Energy, has been awarded the contract. The project encompasses engineering, procurement, construction, installation, and commissioning of four Wellhead Platforms, a 140-km Pipeline, and associated Topside modifications at the Tapti Daman block, off India’s west coast.
The order is classified under the “large” category by the construction giant, which means it could be worth around ₹2,500-₹5,000 crore.
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Subramanian Sarma, president (Energy), L&T, expressed his views on the win, stating, “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”.
Last month, the company’s Buildings & Factories (B&F) business bagged a contract to construct a Medical College and Hospital Campus at Rajarhat, Kolkata, as part of a project commissioned by the Institute of Neurosciences Kolkata.
Price Action: L&T’s share price was up 2.13% to trade at ₹3,707.60 on Thursday afternoon.
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