L&T Construction has secured a significant contract to design and build one of the world's largest oil & gas supply bases.
The buildings & factories business of Larsen & Toubro (L&T) Construction has secured a "significant" deal from Oilfields Supply Company Saudi owned by the Dubai-based Oilfields Supply Center to design & build oil & gas supply bases in Dammam, Saudi Arabia.
The project involves the construction of industrial facilities of different sizes, an administration building, ancillary buildings, associated infrastructure and storage yards along with civil, structural, MEP and architectural works. The project is scheduled to be completed in 30 months.
M V Satish, the whole-time director and senior executive vice president (Buildings) of L&T, stated: "This project will act as a business incubator to support the oil and gas industry in the Kingdom and help accelerate industrial growth in the energy sector. It has strategic significance for L&T too, marking our future growth in such a potential-rich market like the Kingdom of Saudi Arabia."
According to L&T's classification, the value of the said orders lies between Rs 1,000 crore to Rs 2,500 crore.
On a consolidated basis, L&T's net profit rose 5.4% to Rs. 2,849.06 crore on 1.8% decline in revenue from operations to Rs. 35,596.42 crore in Q3 December 2020 over Q3 December 2019.
L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.
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