L&T arm bags ExxonMobil deal, expects $20 million revenue in first year
Mumbai: L&T Technology Services Ltd has bagged a multi-million deal from ExxonMobil Exploration Company, which will deliver revenues of $20 million in the first year, the L&T arm said Monday.
The company, a listed subsidiary of Larsen & Toubro Ltd (L&T), will help geoscientists with improved data availability, enhancing the speed and efficiency of analysis and evaluation, it said in a statement.
It will deploy geospatial and digital expertise and work with sister company L&T Infotech on the contract.
The company’s managing director and chief executive officer, Keshab Panda, said its hydrocarbon heritage, geospatial domain understanding and digital engineering expertise will be of help to serve the contract.
“Our solutions will provide geoscientists accelerated insights into their subsurface data. This in turn maximises asset utilisation, minimises data preparation time and reduces total cost of ownership,” he added.
The company said the deal reaffirms its technology investment strategy and cements its position in the rapidly changing oil and gas industry going through digital shifts.
On Monday, L&T Technology Services shares fell 0.97%, or Rs11.85, to Rs1,210.00 on the BSE while the benchmark Sensex rose 0.48%, or 161.57 points, to end the day at 33,788.54.