Mumbai, February 24, 2004: L&T has won a turnkey project order valued at Rs 1006 crores from the Oil & Natural Gas Corporation (ONGC) for nine new wellhead platforms. The platforms are expected to boost oil output from Mumbai High South by around 2.15 million tonnes per year and increase gas production by 3.87 million cubic metres per day.

L&T will have single point responsibility for the complete engineering, procurement, fabrication and installation of the platforms. Fabrication will be carried out at L&T's world-scale, shore-based works complex at Hazira near Surat as well as the Company's new facility in Mangalore.

Mr. K. Venkataramanan, President (Operations) and Member of the Board, L&T, said that the order, won against global competition, was another affirmation of L&T's growing capability in the oil & gas sector. L&T has orders under execution for other platforms from ONGC and also upstream projects for oil & gas from Tanzania and Qatar.

ONGC selected L&T because, in addition to being globally competitive, L&T will meet a challenging delivery schedule. Five platforms are to be completed by 15th April 2005 and the balance four platforms by 28th February 2006. L&T will also deliver around 30,000 tonnes of Topsides and Jackets for the project.

L&T will subcontract engineering for this project to Aker Kvaerner.