LTTS bags ExxonMobil deal, expects $20 mln revenues in 1st yr

L&T Technology Services (LTTS) today said it has bagged a multi-million deal from ExxonMobil Exploration Company, which will deliver revenues of USD 20 million in the first year.

The company, a listed subsidiary of EPC major Larsen & Toubro, will help geoscientists with improved data availability, enhancing the speed and efficiency of analysis and evaluation, it said in a statement.

It will deploy geospatial and digital expertise and work with sister company L&T Infotech on the contract.

The company's managing director and chief executive officer, Keshab Panda, said its hydrocarbon heritage, geospatial domain understanding and digital engineering expertise will be of help to serve the contract.

"Our solutions will provide geoscientists accelerated insights into their subsurface data. This in turn maximises asset utilisation, minimises data preparation time and reduces total cost of ownership," he added.

The company said the deal reaffirms its technology investment strategy and cements its position in the rapidly changing oil and gas industry going through digital shifts.

The LTTS scrip was trading 0.25 per cent up at Rs 1,225 a piece on the BSE as against a 0.49 per cent surge on the benchmark.