Matrix Wins $4.4M Contract for a Semisub Now Under Construction in China

Australia's Matrix Composites & Engineering Ltd. (MCE), a manufacturer and supplier of engineered products and services to the global energy sector, revealed Thursday that it has been awarded a contract for approximately $4.4 million (AUD 6 million) to supply drilling riser buoyancy to a major OEM manufacturer based in China.

The order is for a newbuild semisubmersible under construction at a shipyard in Dalian, China and is scheduled for completion and delivery in the first half of financial year 2017 (1H FY17).

Matrix Chief Executive Officer Aaron Begley said the award of a contract from a new customer reflected Matrix’s track record and performance in the market.

“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,” 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.”

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