- Matrix Composites and Engineering (MCE) awarded $4.2 million contract by US drilling contractor Transocean
- Transocean is an offshore drilling contractor, and the purpose of this new contract is to upgrade drilling riser buoyancy
- The order involves an upgrade to ultra-deep water drillship modules, scheduled for delivery to the US during the December half of financial year 22
- It follows on from the award of two other new riser buoyancy projects valued at $5 million from the international deep sea drilling sector
- Shares have been trading 15.4 per cent higher at 15 cents at 3:33pm AEST
Matrix Composites and Engineering (MCE) has been awarded a $4.2 million contract by US drilling contractor Transocean.
MCE produces composite and advanced material technology solutions for a multitude of industries including oil and gas and resources.
Transocean is an offshore drilling contractor, and the purpose of this new contract is to upgrade drilling riser buoyancy.
In particular, the order involves an upgrade to ultra-deep water drillship modules, the bulk of which is scheduled to be completed and delivered to the US during the December half of financial year 22.
This latest deal follows on from the award of two other new riser buoyancy projects valued at $5 million from the international deep sea drilling sector which Matrix announced in July.
With the latest contract and additional smaller orders, the company has raked in close to $10 million in drilling riser buoyancy awards in the last three months which it said will be mostly executed during this half of the year.
The company believes the offshore oil and gas markets are recovering and CEO Aaron Begley said the latest contract is evidence of this.
“Offshore oil and gas spend is expected to rebound significantly this year, and we are starting to see that flow through into the level of enquiries for our products and new work coming online.”
Shares were trading 15.4 per cent higher at 15 cents at 3:33pm AEST.