LT Hydrocarbon bags Rs 894 cr offshore contract from ONGC

The company's fully-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged the contract on complete turnkey basis from ONGC to improve recovery factor of Vasai East field where production started in 2008, and it is scheduled to be completed by April 2016

Larsen & Toubro (L&T) today said it has bagged an offshore contract worth Rs 894 crore from Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project.

"The contract includes total engineering, procurement, construction and installation of two wellhead platforms, subsea pipelines and modification of existing facilities in Heera-Panna-Bassein block of Mumbai offshore," it said.

The Rs 2,500 crore project will result in incremental oil production of 1.83 million metric tonne (MMT) and incremental gas production of 1.971 billion cubic metres (BCM) by 2030. "This contract reiterates the long-term association of ONGC with L&T in the development of offshore fields in India," the company said.

Larsen stock price

On December 29, 2014, Larsen and Toubro closed at Rs 1492.30, up Rs 2.25, or 0.15 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 951.60.

The company's trailing 12-month (TTM) EPS was at Rs 63.52 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 23.49. The latest book value of the company is Rs 362.41 per share. At current value, the price-to-book value of the company is 4.12.

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