Matrix wins $6m contract

Perth-based Matrix Composites & Engineering has won a $6 million contract for work with an unnamed Chinese manufacturer.

Matrix will supply drilling riser buoyancy systems for a new semi-submersible which is under construction at a shipyard in Dalian, China.

The vessel is scheduled for completion in the first half of the 2017 financial year.

“I am delighted we have been able to secure this contract to supply a new customer, which is also Matrix’s third major order ultimately destined for a Chinese shipyard,” Matrix chief executive Aaron Begley said.

“Our ability to win new clients and continue growing market share in the depressed oil price environment demonstrates our reputation as the clear leader for drilling riser buoyancy products.”

Matrix shares plunged last month when the company received a cancellation notice for two contracts from an unnamed shipyard customer, which were worth a combined $30.5 million.

The contracts were orders for buoyancy riser systems.

Matrix shares were 8.8 per cent higher to 37 cents each at midday.