Matrix secures contract to build riser buoyancy system for newbuild floater in Asia

Matrix Composites & Engineering has secured a purchase order from Himile Mechanical Manufacturing worth approximately AUS $14 million for the supply of a deepwater drilling riser buoyancy system. Matrix will develop the riser buoyancy modules and riser protection system to support a newbuild deepwater floating rig project in Asia.

The company said in a statement that it expects to complete and ship all modules of the system in Q3 2023, with all equipment to be built in Matrix’s composites production facility in Henderson, Western Australia.

Matrix CEO 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 capitalize on increased activity in the subsea segment of the Buoyancy and SURF market. While 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.”