Larsen & Toubro Ltd (L&T) said its floating systems business unit has won an offshore rig refurbishment contract, worth Rs376 crore, from Oil & Natural Gas Corp (ONGC).
L&T’s facilities at Sohar, Oman and Hazira and engineering offices of L&T-Valdel in Faridabad, Bangalore and Chennai will be supporting this venture, in addition to other L&T work centers. Upon successful completion, the rig will be deployed to assist and augment offshore ONGC’s oil and gas drilling operations.
On Wednesday, L&T shares closed 2.5% up at Rs1,882 on the Bombay Stock Exchange, while the Sensex ended at 0.3% down at 17,938 points.
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