Matrix Composites secures $14 million to support deepwater floating rig project in Asia

Matrix Composites & Engineering Ltd. (Henderson, Australia) has secured a purchase order from Himile Mechanical Manufacturing Co. Ltd. (Shandong, China) worth approximately $14 million for the supply of a composite Deepwater Drilling Riser Buoyancy System. Specificially, Matrix will develop the riser buoyancy modules and riser protection system to support a newbuild deepwater floating rig project in Asia. 

The company specializes in the design, engineering and manufacture of composite and advanced material technology solutions for the civil and infrastructure, resources, oil and gas, defense and transportation industries.

The formal award of the purchase order follows Matrix receiving a etter of Intent from HMH USA for the works package, announced via ASX in Dec. 2021. The company expects to complete and ship all modules of the Deepwater Drilling Riser Buoyancy System during the March 2023 quarter (Q3 FY23), with all equipment to be built in Matrix’s state-of-the-art, 22,000-square-foot composites production facility in Henderson, Western Australia.

According to Aaron Begley, Matrix chief executive officer (CEO) this makes the largest purchase order the company has received since Nov. 2018.

“This award demonstrates Matrix’s ability to capitalize on increased activity in the subsea segment of the buoyancy and surf market,” Begley notes.  “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. Additionally, we are also continuing to build our advanced materials capabilities across the energy and resources sectors.”