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L&T Hydrocarbon Engineering, a wholly-owned subsidiary of Mumbai-based engineering giant Larsen and Tubro (L&T), announced it has bagged an offshore contract from Oil and Natural Gas Corporation (ONGC) valued at Rs 1,276 crore.
The subsidiary won an Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for balance of work for pipeline replacement project-4 from the state-run explorer, the company said in a Bombay Stock Exchange (BSE) filing.
“The project, part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brown-field modification works on existing platforms in its Mumbai high, Neelam, Heera and Bassein and Satellite fields which are situated in the Western Offshore field in the Arabian Sea on the continental shelf of Western India,” L&T said in a release.
The EPC major had said in an analyst presentation last week order inflows continue to reflect subdued investment environment with the public sector continuing to drive domestic capex. It, however, added that international order inflow is stable due to winning of hydrocarbon projects with large and diverse order book mitigating cyclic volatility.
The company’s order inflow in the second quarter of the current financial year reduced to Rs 28,700 crore from Rs 31,100 crore in the corresponding quarter last fiscal. L&T’s share price at BSE was trading at Rs 1,252.00, down 0.95 per cent at 13:40 hours on Monday.
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