Australia's Matrix Composites & Engineering Ltd. announced Wednesday it has signed an exclusive worldwide licensing agreement with AMOG for the commercialization of the Longitudinally Grooved Suppression (LGS) system (the Agreement).
The Agreement has an initial five-year term, with an option for Matrix to extend for a further five years.
LGS displaces competitors through its disruptive, Australian-developed and patent-protected technology that reduces drag and vortex induced vibration (VIV) on tubular structures when exposed to ocean currents. This means floating drill rigs and platforms can continue operations under high ocean current conditions, providing producers with increased production and improved operating efficiencies due to less downtime.
LGS reduces loads and service life fatigue risks for offshore submerged structures and is applicable to a broad range of marine applications in both newbuilds and the aftermarket. This includes drilling risers, production risers, pipelines, flowlines, and pylon and jacket structures.
Matrix’s exclusive license combines the strengths of the industry’s leading subsea buoyancy company with a global leader in riser system design and analysis services. The Agreement supersedes an earlier agreement with AMOG that enabled Matrix to assess and test the technology.
Matrix Chief Executive Officer Aaron Begley said he was delighted that Matrix had signed the exclusive licensing agreement with AMOG that enabled commercialization of the technology for the benefit of producers.
“Extensive testing has shown that the drag reduction properties of LGS means floating drilling rigs will be able to continue operating in high current conditions and do so safely,” Begley said.
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