L&T has secured its largest-ever contract in an ultra-mega deal for offshore hydrocarbon business from QatarEnergy LNG.
While L&T did not disclose the coontract value, the behemoth involved in engineering, procurement and construction, classifies ultra-mega contracts as those valued at above Rs 15,000 crore.
QatarEnergy LNG, a leading global LNG company, has awarded a major offshore contract to Larsen & Toubro (L&T) Hydrocarbon Business for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4), the compny said in a statement.
The project includes designing, sourcing materials, building, installing, and setting up two large offshore compression complexes. Each complex will have offshore platforms with compression and power facilities, living quarters, flare platforms, connecting bridges, and other structures. These will be located about 80 km off Qatar’s northeast coast.
Larsen & Toubro shares had eroded morning losses following the news and hit day’s high of Rs 3,495.70 apiece in Mumbai trading. However, the shares later fell to the negative territory again and were last trading at Rs 3,457.20 apiece, down about 0.4%, while BSE Sensex fell by about 0.5%.
“Securing QatarEnergy LNG’s Ultra Mega Offshore Contract—the largest single order in our history—is a landmark achievement. This prestigious project strengthens our global energy portfolio while supporting Qatar’s energy security objectives,” said SN Subrahmanyan, Chairman & Managing Director of L&T.
Subrahmanyan said he was grateful to QatarEnergy LNG for trusting L&T to deliver the complex and strategically important project. He added that they looked forward to setting new benchmarks in project execution to further strengthen Qatar’s position as a global LNG leader.
Subramanian Sarma, Deputy Managing Director & President of L&T, said that securing a project of this scale reflected the confidence and trust QatarEnergy LNG had in L&T’s expertise and ability to handle large-scale projects. He added that L&T was grateful for this opportunity, as the collaboration not only strengthened their partnership but also reinforced L&T’s commitment to supporting Qatar’s strategic energy goals with innovative and reliable solutions.
