Matrix wins $14m contract

Matrix Composites & Engineering has booked its largest purchase order in four years for a $14 million drill riser buoyancy system.

The Henderson-based business will develop riser buoyance modules and a riser protection system to support a newbuild deepwater floating rig project in Asia for Himile Mechanical Manufacturing.

A deepwater drilling riser buoyancy module is a flotation device that reduces the downward pressure and erosion on a drilling riser, which is part of the pipeline that extends from a subsea oil well to the surface drilling facility.

Matrix is working to build and ship all modules of the system for the March quarter next year.

Matrix chief executive Aaron Begley said he was delighted the company had received the purchase order, which is its largest since November 2018.

“This award demonstrates Matrix’s ability to capitalise on increased activity in the subsea segment of the Buoyancy and SURF market,” Mr Begley said in a statement.

“Whilst we have seen the award of several key projects under tender in this market 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 sectors.”