Matrix announces new oil and gas contracts

Engineering contractor Matrix Composites and Engineering has announced $US48.2 million in new contracts servicing the offshore oil and gas industry.

Matrix said today the contracts involved the supply and drilling riser buoyancy, centraliser and distributing buoyancy for a major Korean shipbuilder and a US-based drilling contractor.

The company said the award was the latest in a series for its subsea, umbilical, riser and flowline equipment line.

“The company was recently awarded a significant contract from a new client to supply distributed buoyancy,” Matrix said in a statement.

“The buoyancy will be used on a project in West Africa that is being developed by a major French oil producer. With the area becoming one of the world’s top oil regions, West Africa is a key focus of Matrix.”

At close of trade today, Matrix stocks were up 3 per cent at $1.94.