A McDermott and Larsen & Toubro (L&T) partnership is in pole position to win a key $350 million-plus subsea installation contract from India’s state-owned Oil & Natural Gas Corporation (ONGC) for work on the S1 and Vashishta field development off the country’s eastern coast.
Sources said the McDermott-led consortium emerged as the lowest bidder when price bids were opened on 20 November after being delayed for several months.
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