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L&T Technology Services wins multi-million Dollar digitization contract from ExxonMobil

The deal is valued at more than USD20mn in the first year.

L&T Technology Services Limited (LTTS), has informed the exchanges that it has signed an agreement with Exxon Mobil Exploration Company, valued at more than USD20mn in the first year. LTTS will work in collaboration with group company Larsen & Toubro Infotech (LTI) on this engagement.

As per the filing, the deals involve a rapid conversion of historical Geoscience content into the digital domain by leveraging sophisticated automation utilities. This will provide geoscientists with improved data availability, enhancing the speed and efficiency of analysis and evaluation.

LTTS is India’s only pure-play listed Engineering R&D (ER&D) services company and reaps the benefits of its parent’s (L&T) vast scope of work. L&T’s hydrocarbon revenues account for ~10% of the consolidated revenues. While most of the peers in the ER&D services in India are focussed on aerospace/automotive and communications vertical, LTTS has much broader portfolio. Prior to January 1, 2014, LTTS’ business was conducted as a division of L&T (Integrated Engineering Services) and as a sub-segment of another L&T company, LTI (Product Engineering Services).

The company added that this deal re-affirms LTTS’ technology investment strategy for its flagship customers and ensures its position as a leading partner among top ER&D service providers by capitalizing on the rapidly changing digital shifts in the Oil and Gas industry.

The stock traded below its 50 DMA.