L&T bags two 'mega' offshore contracts

Larsen & Toubro's wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged two offshore packages from a prestigious overseas client, the company said in statement on Wednesday. The company claims these are "mega" contracts, as per their classification.

The scope of work comprises engineering, procurement and construction (EPC) for new facilities and integration with existing installations.

LTHE is currently executing several domestic and international offshore projects. "LTHE is also committed to building its regional presence in geographies that it operates by growing local skills and talent, improving procurement from local vendors, engaging commercially with local contractors on the foundation of a sustainable workload," the company stated.

LTHE operates under Offshore, Onshore, Construction Services, Modular Fabrication and Advanced Value Engineering & Technology (AdVENT) verticals for over three decades now.

To be sure, the company classifies its projects under four categories: significant, large, major and mega. All contracts worth more than Rs 7,000 crore come under the "mega" category.

L&T's scrip on Wednesday traded at Rs 1,969.20 during late trade on BSE.