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Matrix secures $14m subsea buoyancy contract

Manufacturing News

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 used to provide buoyancy to the underwater pipework and systems which form part of a new floating oil and gas rig in Asia.

The Perth manufacturer expects to ship all the modules of the system during the March quarter, FY23, with all equipment to be built at its Henderson, Perth plant.

Matrix CEO Aaron Begley said the order was the largest the company had received since November, 2018.

Begley said: “This award demonstrates Matrix’s ability to capitalise on increased activity in the subsea segment of the buoyancy…market.

“Whilst we have seen the award of several key projects under tender in this market to be delayed due to short-term logistics disruptions among major oil and gas project proponents internationally, we are well positioned to secure and successfully execute on these orders as they now arise.

“Additionally, we are also continuing to build our advanced materials capabilities across the energy and resources sector.”

Picture: Matrix Composites & Engineering

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