Published on 20/03/2017 2:52:19 PM | Source: Dion Global Solutions Ltd.

L&T Hydrocarbon wins Rs 1,656 cr contract from ONGC

Posted in Stock Market | #ONGC #Oil and Gas Sector #Stock Market # Larsen & Toubro Ltd

Engineering major Larsen & Toubro (L&T) today said its wholly-owned subsidiary L&T Hydrocarbon Engineering has won a Rs 1,656 crore contract from ONGC. “L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Neelam Re-Development and B173AC project from ONGC valued at 1,656 crore,” the company said in a BSE filing. The contract encompasses engineering, procurement, construction, installation and commissioning for the project.

The scope includes one new process platform having gas processing and compression facilities, three new well head platforms, 32 km pipeline and modification work on eight existing platforms in the Neelam Field in western offshore basin in India, among others. “The project, part of ONGC’s strategy to enhance the field life and increase recovery of Neelam field, is scheduled to be completed by April 2019,” the filing said. Meanwhile, shares of L&T were trading at Rs 1539.65 apiece, down 0.71 per cent from the previous close at 12:15 hours on BSE.