L&T Hydrocarbon Engineering bags Rs 1,267-cr offshore contract from ONGC

New Delhi: L&T Hydrocarbon Engineering has secured a Rs 1,267-crore offshore contract from ONGC. “L&T Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro, has bagged an offshore contract… from Oil and Natural Gas Corporation (ONGC) valued at approximately Rs 1,267 crore ($194 million),” Larsen and Toubro said in a BSE filing. [caption id=“attachment_4207003” align=“alignleft” width=“380”] A man waits at a bus-stop with an advertisement of Larsen & Toubro outside the company’s manufacturing unit in Mumbai on 22 January, 2014. Reuters.[/caption] The project is part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works. On Saturday, Larsen & Toubro massively slashed its earlier guidance for orders inflows to a low single-digit, citing turmoil in the Gulf and the still lingering domestic slowdown but maintained earlier view on revenue growth. In the beginning of the year, Larsen & Toubro had guided for a 12-14 percent rise in order inflows for the year, expecting a quicker turnaround in the domestic economy post-demonetisation and firm international orders. On the revenue side, however, it has maintained its guidance of 12 percent increase for the financial year. Stock of Larsen and Toubro was trading 3.35 percent lower at Rs 1,221.70 on the BSE on Monday.