"Hydrocarbon has been going through a restructuring process. The order flow is picking up", Subramanian Sarma, CEO & MD, L&T Hydrocarbon told CNBC-TV18.
With global oil prices stabilising, L&T Hydrocarbon Engineering expects orders from international and domestic players to improve in the next two years.
Engineering major Larsen & Toubro (L&T) today said its wholly-owned subsidiary L&T Hydrocarbon Engineering-led consortium has bagged two orders from oil major Saudi Aramco.
"Contributing to India's exploration and production (E&P) activities in the oil and gas sector, GE has signed an exclusive MoU with L&T Hydrocarbon Engineering, a wholly-owned subsidiary of L&T," the company said in a statement.
The L&T subsidiary owns a 60 percent stake in the order is for the development of the second phase of Hasbah Offshore Gas field, situated off the coast of Saudi Arabia, which is to be completed over the next 36-40 months, Subramanian Sarma, Managing Director and Chief Executive, L&T Hydrocarbon Engineering told CNBC-TV18.
Subramanian Sarma will be based in the Middle East to enable close monitoring of key on-going projects and drive new business development. Prior to joining L&T Hydrocarbon Engineering, he was the Managing Director of Petrofac - Onshore Engineering & Construction and was responsible for the company's onshore EPC projects worldwide.