Matrix C&E Clinches $32.2M Drilling Riser Buoyancy Contracts



Australia's Matrix Composites & Engineering Ltd (Matrix) reported Monday that it has been awarded a number of new contracts totalling $32.2 million (AUD 41.82 million) for the supply of drilling riser buoyancy. The new contracts take the Company’s backlog as at Feb. 28 to $89.4 million (AUD 116.10 million) which substantially underwrites production at current rates to the end of CY2015.

A number of contracts are for the supply of riser buoyancy to a shipyard whose client, a large offshore drilling contractor, has not used Matrix buoyancy for any of their previous newbuilds. Matrix buoyancy was recommended based on the company’s ability to meet tight technical specifications, track record, product quality and a rigorous testing and qualification program.

The remaining contracts include the after-market sale of a 12,000 feet ultra-light riser buoyancy extension, and a 10,000 feet buoyancy string for a newbuild drillship which is currently under construction at a Brazilian shipyard.



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