Mumbai, Aug 3 - Construction and engineering major Larsen and Toubro (L&T), Monday said it has bagged two offshore contracts from upstream major Oil and Natural Gas Corp (ONGC) worth Rs.5,300 crore ($1.18 billion).

The projects have to be completed within 33 months, the company said in a regulatory statement.

The contract is for the Mumbai High North (MHN) process platform and living quarters, with an additional order for supply of three process gas compression modules to be installed in the same complex.

L&T won the projects through bidding against international majors that included Hyundai and Samsung, the statement said.

The MHN process platform of ONGC will cater to bulk of the hydrocarbon production from the Mumbai High North field.