Oil and gas industry composites manufacturer Matrix Composites has been hard hit by the Covid-19 pandemic, reporting subdued revenue in the latest financial year and sparking a strategic review of its businesses. The company, which supplies buoyancy systems for undersea gas and oil installations and pipelines (pictured below), reported unaudited fourth quarter revenue of $27.5…
Underwater systems composite manufacturer Matrix Composites & Engineering has continued its turnaround posting an underlying EBITDA for the first half of $1.2 million, a $3.4 million improvement on the lost recorded in the previous corresponding period. The manufacturer of underwater buoyancy systems for the offshore oil and gas sector saw revenue increase from $11.3 million…
Composite manufacturer Matrix Composites & Engineering (ASX: MCE) has doubled in turnover in a year as investment recovers in its traditional markets and on moves into new product areas. The company reported revenue of $38.2 million in FY2019, up from $19.5 million the year before as oil and gas sector investment recovered, North American sales…
Matrix Composites & Engineering has received a $13 million purchase order to supply a deepwater buoyancy system utilising the company’s innovative syntactic composite foam. The riser buoyancy system will be used on a deep sea oceanographic research vessel in Japan which is involved in seep sea mining, deep sea research and subsea geological surveys. Syntactic…
Subsea buoyancy product manufacturer Matrix Composites and Engineering has received a letter of intent for the purchase of deepwater drilling riser buoyancy systems in Asia. The deal is with HMH USA and is for a new deepwater drilling rig project, and its size suggests that lean time experienced by the company in its oil and…
Perth advanced composite systems manufacturer Matrix Composites & Engineering has successfully raised $7 million from a share placement to support expansion to service emerging opportunities. The company, best known for its buoyancy systems for offshore pipelines and oil and gas installations, said the raise reflected its positive outlook and pipeline of tender opportunities. It would…
The new Sovereign Manufacturing Automation for Composites CRC (SoMAC CRC) has launched its first-ever research collaboration which could lead to the development of a new cost-effective solution for protecting space launch vehicles and spacecraft against extreme heat and pressure. Space vehicles can experience temperatures exceeding 3,000°C during launch and atmospheric re-entry. A common solution is…
Matrix Composites & Engineering has received an order worth $16 million for a subsea buoyancy system for a major deepwater oil and gas facility in South America. The contract, which has scope to increase to as much as $18 million, is to supply buoyant composites making up a subsea umbilicals, risers and flowlines (Surf) product.…
Composite and advanced material group Matrix Composites & Engineering has won a $14 million contract for the supply of a deepwater drilling riser buoyance system. The contract, with Himile Mechanical Manufacturing Co. Ltd of Shandong, China, follows a letter of intent announced in December last year. The system (similar to the one pictured) will be…
Buoyancy materials producer Matrix Composites & Engineering will establish the first deep water hyperbaric test chamber in Perth for subsea control modules. The chamber, to be an upgrade of Matrix’s existing Subsea Test Facility, will be capable of testing equipment the oil & gas industry. The Western Australian government and industry participants will each contribute…
