- Larsen and Toubro's energy unit, LTEH Offshore, has secured an offshore development contract in the Middle East valued at more than INR150 billion ($1.8 billion).
- L&T shares hit a day's high of ₹4,070 on Monday, August 17, after winning a ₹15,000 crore offshore order from ADNOC.
- The order is from ADNOC Offshore for a project in the Middle East.
- Parthasarathi Chatterjee, who heads LTEH Offshore, said the project involves subsea infrastructure and fabrication work at a scale few competitors can match in the region.
- Since July 20, L&T has announced 10 large orders, including two others above ₹15,000 crore.
- Just days earlier, on August 13, L&T bagged a mega order from Together AI to build an AI data centre in Chennai.
- These wins follow a strong June quarter with order inflow up 14% to ₹1.08 lakh crore and profit up 14% to ₹4,123 crore.
Larsen and Toubro's LTEH Offshore has clinched a significant offshore development contract worth over INR 150 billion ($1.8 billion) from ADNOC, marking a pivotal moment in the Middle East's energy sector.123
The project encompasses engineering, procurement, construction, installation, and commissioning of various offshore facilities, including fixed platforms, subsea pipelines, and deepwater structures.
T Madhava Das, Whole-time Director at L&T, emphasized the project's scale, stating, “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.”
The contract is expected to leverage L&T's extensive experience in offshore developments over the past four decades, with most fabrication work conducted at the company's own facilities in India, enhancing cost efficiency.
Parthasarathi Chatterjee, head of LTEH Offshore, noted the project's unique scale, asserting that it involves subsea infrastructure and fabrication work at a scale few competitors can match in the region.4
This contract is part of a broader trend for L&T, which has announced 10 large orders since July 20, including two exceeding ₹15,000 crore. The company reported a 14% increase in order inflow to ₹1.08 lakh crore and a 14% rise in profit to ₹4,123 crore in the June quarter.5
“The order, from ADNOC Offshore, involves subsea infrastructure and fabrication work at a scale few competitors can match, per LTEH Offshore head Parthasarathi Chatterjee. Since July 20, L&T has announced 10 large orders, including two others above ₹15,000 crore, following a strong June quarter with order inflow up 14% to ₹1.08 lakh crore.”
Equitypandit
