McDermott International and L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, have signed a long-term exclusive agreement to jointly develop subsea projects offshore the east coast of India.
The companies said the new long-term and mutually exclusive agreement provides strategic relationship to address significant deepwater opportunities offshore India.
“This exclusive agreement further strengthens the relationship between McDermott and LTHE, both companies that have successfully cooperated on several earlier projects in India and, more recently, won the Vashishta deepwater development project,” said David Dickson, McDermott’s president and chief executive officer. “With the emerging east coast of India deepwater market offering attractive development opportunities for our clients, we believe this long-term collaboration provides a compelling value proposition for the successful design and delivery of subsea projects.”
“Through this agreement, LTHE and McDermott have developed an approach which includes utilization of LTHE’s state-of-the-art facility, strategically located Kattupalli near Chennai, for fabrication and local spoolbase in India, and offer an optimized and reliable EPCI solution for emerging deepwater projects in India,” added Subramanian Sarma, chief executive officer and managing director of LTHE.
A consortium of McDermott and LTHE was awarded an engineering, procurement, commissioning and installation (EPCI) contract for the Vashishta and S1 Development Project off India’s East coast in December 2015.
