L&T grabs offshore packages in Middle East, stock jumps 2.45%
1 min read . Updated: 05 Apr 2023, 11:33 AM IST
Premium- The business is executing several domestic and international offshore projects and is committed to building its regional presence in the geographies
The Hydrocarbon Business of Larsen & Toubro Limited (L&T) has secured multiple offshore packages from a client in the Middle East, the company informed in an official release on Wednesday.
As a result of the reported development, the company's stock rose 2.45% to reach a high of ₹2,224 on BSE.
Commenting on the development Subramanian Sarma, Senior Executive Vice President, said, “LTEH Offshore has consistently demonstrated timely project delivery deploying end-to-end capabilities, including design, fabrication, and installation of large process platforms, living quarters, subsea systems, piping and other T&I works."
"The scope of work comprises engineering, procurement, construction & installation for various new offshore facilities and integration with existing installations," it read.
Furthermore, the business is executing several domestic and international offshore projects and is committed to building its regional presence in the geographies in that it operates by nurturing local skills and talent, and enhancing engagement with local vendors and contractors, the company informed.