LINQ is for querying the collection. To change, your current loop is a more readable and better approach, but if you want a LINQ option, then:
If OrderInfo is a class (reference type), you can change the properties of the object (you cannot set them to null or new links).
var ordersList = new List<OrdersInfo>(); ordersList.Add(new OrdersInfo() { TYPE = "P" }); ordersList.Add(new OrdersInfo() { TYPE = "S" }); ordersList.Add(new OrdersInfo() { TYPE = "P" }); ordersList.Select(r => (r.TYPE == "P" ? r.TYPE = "Project" : r.TYPE = "Support")).ToList();
With your class it is defined as:
class OrdersInfo { public string TYPE { get; set; } }
Here is a screenshot 
Interestingly, I did not assign the result back to ordersList
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