L&T Wins Over Rs 15,000-Crore Order For Hydrocarbon Offshore Business In Middle East
The contract was won by subsidiary L&T Energy Hydrocarbon Offshore Ltd.
Larsen & Toubro Ltd. secured an ultra-mega order from a client in the Middle East for the hydrocarbon offshore business vertical. The 'ultra-mega' category is defined as projects worth above Rs 15,000 crore.
The order encompasses multiple offshore packages, and the scope includes engineering, procurement, construction, and installation of offshore structures, along with the upgrading of existing facilities, according to a press release on Tuesday.
The contract was won by subsidiary L&T Energy Hydrocarbon Offshore Ltd. The unit is a leading provider of engineering, procurement, construction, installation & commissioning (EPCIC) solutions in the offshore oil and gas sector.
"Backed by robust in-house engineering capabilities, state-of-the-art fabrication yards, and a dedicated fleet of marine vessels, it has a strong track record in both shallow- and deep-water field developments," L&T said.
The business vertical has previously undertaken complex projects involving fixed platforms, subsea pipelines and structures, brownfield upgrades, and decommissioning.
L&T is a major player in the Middle East construction and engineering market, which contributes significantly to its revenue.
Larsen & Toubro is set to report its first-quarter results on Tuesday, July 29.
The company is likely to clock a net profit of Rs 3,400 crore and revenue of Rs 62,814 crore for the quarter ended in June, according to analysts' consensus estimates compiled by Bloomberg.
The operating income, or earnings before interest, taxes, depreciation, and amortisation, is projected at Rs 6,342 crore and a margin of 10.1%.
Shares of L&T were trading 0.9% higher at Rs 3,453 apiece on the NSE as of 11:30 p.m., compared to a 0.1% advance in the benchmark Nifty 50.
