Engineering major Larsen & Toubro (L&T) today said it has inked a USD 100 million offshore engineering contract with PETRONAS Carigali Myanmar (Hong Kong), enlarging its footprint in the new geography.
"L&T signed a contract with PETRONAS Carigali Myanmar (Hong Kong) in Yangon, Myanmar for executing an offshore engineering, procurement, construction, installation and commissioning project valued at over USD 100 million (about Rs 534 crore)," the company said in a statement. L&T could be top pick in capital goods space: Nirmal Bang
The new order, it said, enlarges L&T's footprint in the competitive hydrocarbon upstream market in South East Asia. The Yetagun North Field is operated by PETRONAS Carigali Myanmar (Hong Kong) with PETRONAS Carigali Myanmar, Myanmar Oil & Gas Enterprise, PTTEP International and JX Nippon Oil Exploration as its partners.
"The 19-month project includes supplying an offshore wellhead platform and subsea pipeline to be installed in water depth of 108 metre," the company said. Looking to invest in capital goods? Emkay picks 4 stocks
The scope also includes works on an existing platform in the Yetagun complex.
The company said its facility in Kattupalli on the east coast of India will undertake the fabrication work for the project.
L&T is a USD 13.5 billion conglomerate with global operations.
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