Join our daily newsletter At The Bell to receive exclusive market insights
- Matrix Composites and Engineering (MCE) has secured a $14 million purchase order for the supply of a Deepwater Drilling Riser Buoyancy System
- The company will develop the riser buoyancy modules and riser protection system to support a new build deepwater floating rig project in Asia
- The equipment will be built at its facility in Western Australia, with completion and shipment expected in the March quarter of next year
- Shares were trading 14.3 per cent higher today at 16 cents each at 2:52 pm AEST
Matrix Composites and Engineering (MCE) has secured a $14 million purchase order for the supply of a Deepwater Drilling Riser Buoyancy System.
The order comes from Himile Mechanical Manufacturing and follows on from a Letter of Intent, secured in December.
As part of the purchase, Matrix said it will develop the riser buoyancy modules and riser protection system to support a new build deepwater floating rig project in Asia.
The equipment will be built at its facility in Western Australia, with completion and shipment expected in the March quarter of next year.
CEO Aaron Begley said this is the largest purchase order the company has received since 2018.
“This award demonstrates Matrix’s ability to capitalise on increased activity in the subsea segment of the Buoyancy and SURF market,” he said.
“Whilst 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.”
Matrix Composites and Engineering specialises in the design, engineering and manufacture of composite and advanced material technology solutions for various sectors.
Shares were trading 14.3 per cent higher today at 16 cents each at 2:52 pm AEST.
