India's largest engineering, construction and technology company, Larsen & Toubro Ltd (L&T) has won a contract worth $83 million from ONGC, which is the public sector oil company.

The contract deals with offshore rig refurbishment and had many players eying it.

It was said by L&T that the contract will be handled by the Floating Systems Business Unit (FSBU) of the company. This is a relatively newer division and is one that will be providing one-stop-shop for the execution of offshore drilling rigs and floating production units.

These will be for both the domestic as well as the international markets. Since L&T has its network well set up in the overseas markets as well, it is said that there would be no trouble in execution of projects.

The company also said in a press statement that its all weather, ultra modern fabrication facilities at Sohar, Oman and Hazira, will be providing the necessary support to L&T. Besides this, L&T's offices in Valdel in Faridabad, Bangalore and Chennai, will also give the support.

ONGC gave the contract based on the long experience of L&T and also having given good and quality service to international clients.