L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, In consortium with EMAS CHIYODA Subsea (ECS), a 50:50 joint venture company owned by Ezra Holdings and Chiyoda Corporation, has announced the conclusion of a large EPCI contract from Saudi Arabian oil giant and the biggest oil company in the world, Saudi Aramco.

The contract valued at over USD 1.6 billion is for the development of the second phase of Hasbah Offshore Gas field situated off the Coast of Saudi Arabia. LTHE's share in the contract value is approximately over 60%.

Coming in as the first major contract from Saudi Aramco after the finalization of the long term agreement executed by Saudi Aramco with LTHE-ECS Consortium in June last year, the order is an affirmation of the superior capabilities of LTHE -ECS Consortium.

Subramanian Sarma, MD & CEO, L&T Hydrocarbon Engineering said, "We are dedicated to providing bespoke EPCI services in this region with our state-of-the art facilities and strong team delivering excellence in execution. We believe that this is the first of many successful results for our consortium and look forward to more accomplishments with our consortium partner EMAS CHIYODA Subsea under the long term agreement, which Is for six years extendable by another six years."

Shares of the company declined Rs 2.25, or 0.14%, to trade at  Rs 1,569.15.  The total volume of shares traded  was  56,081 at the BSE (12.34 p.m., Thursday).