L&T bags offshore development project order exceeding Rs 15,000 crore from Middle East client

Synopsis

Larsen & Toubro announced a significant order valued at over Rs 15,000 crore. This contract involves developing multiple offshore facilities in the Middle East region. The company's energy hydrocarbon offshore unit secured this substantial project. Fabrication activities will largely occur at L&T's advanced manufacturing facilities. This development highlights growing investments to meet future energy demands.

Larsen & Toubro Limited (L&T) on Monday announced receipt of an order worth more than Rs 15,000 crore to develop multiple offshore facilities in the Middle East.

The company's energy hydrocarbon offshore unit secured an 'ultramega' order from a client in the Middle East, which includes engineering, procurement, construction, installation and commissioning (EPCIC) of offshore facilities.

L&T share price: Shares of Larsen & Toubro Ltd were trading at Rs 4039.05 per scrip on BSE, down by Rs -23.65 (-0.58%) as on 11:42 on Monday.

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A significant portion of the fabrication activities will be carried out at L&T's integrated, world-class manufacturing and fabrication facilities, the company said in a regulatory filing.

LTEH Offshore has delivered some of the region’s most challenging offshore developments, executing a wide range of offshore projects, including fixed platforms, subsea pipelines and structures, brownfield upgrades and modifications, deep water subsea structures and pipelines, and decommissioning programmes across global markets.

The order represents one of the most significant offshore developments currently underway in the Middle East and underscores the growing investments being made to meet future energy demand, said T Madhava Das, Whole-time Director, Senior Executive Vice President & Head - Energy Hydrocarbon Division, Larsen & Toubro, adding that the scale and complexity of the project call for deep engineering expertise, integrated project execution capabilities and flawless coordination across multiple workstreams.