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.
This supports the production riser system which transfers petroleum from the sea floor, operating in depths of more than 2,000 metres.
The product will be manufactured at the company’s Perth facility and supplied to construction company Subsea 7, which is building the deepwater, floating production, storage and offloading (FPSDO) project.
Matrix CEO Aaron Begley said: “The purchase order from Subsea 7 represents a key milestone for Matrix in the Surf market and leverages our existing capabilities, with further opportunities in this buoyancy market segment actively being targeted.
“Evidenced by two major contract awards, we are methodically capitalising on the ongoing rebound of activity within our traditional markets, whilst also growing our capabilities in the resources sector and renewable energy space.”
In June Matrix announced a contract to supply a deepwater drilling riser buoyancy system in Asia.
Picture: Matrix Composites & Engineering
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