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Matrix Awarded US$32.2m in Deepwater Drilling Riser Buoyancy Contracts

Source: www.gulfoilandgas.com 3/16/2015, Location: Not categorized

Matrix Composites & Engineering Ltd (Matrix) is pleased to announce that it has been awarded a number of new contracts totalling US$32.2m (AUD$41.82m) for the supply of drilling riser buoyancy. The new contracts take the Company's backlog as at 28 February 2015 to US$89.4m (AUD$116.10m) 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 programme.

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

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