Saudi Aramco has awarded two key offshore contracts to a pairing of India's Larsen & Toubro (L&T) and Oslo-listed Subsea 7, as the state-owned giant aims to press ahead with crucial brownfield and maintenance projects this year.

As oil prices continue to trade at seven-year highs, slightly above the $90 per barrel mark, regional state-owned giants in the Middle East are likely to maintain robust spending this year on strategic offshore projects.

The offshore jobs awarded to the L&T-Subsea 7 grouping are a part of Aramco’s lucrative long-term agreements (LTAs) with leading international offshore engineering, procurement and construction giants that together work on all of the country’s brownfield developments.