Advanced material technology solutions engineer and developer Matrix Composites and Engineering (ASX:MCE) has secured a $4 million contract for the supply of drilling riser buoyancy modules to aspiring offshore drilling company TransOcean.
The company says the contract award has an expected value of $4 million, with the modules scheduled to be manufactured and delivered in the first quarter of FY2024 and utilised for an upgrade to an existing TransOcean drilling rig.
Matrix reports it has also secured revenue from its Subsea business alone which already stands at almost $50 million for the next financial year in parallel with the delivery of the contract announcement.
“This latest award further enhances our industry-leading position”
The company notes this will build on the positive momentum Matrix has generated broadly across its operations in FY23, with revenue for the financial year currently expected to land between $45 to $50 million, up from $28.6 million in FY22.
Matrix also notes the contract has been awarded following the delivery of a recent order worth $3 million for its Humidur Coatings solutions and LGS Pipeline Free Span correction equipment, which reinforces its diversified revenue base.
Speaking on the contract, Matrix Chief Executive Officer (CEO) Aaron Begley said: “This latest award further enhances our industry-leading position in providing subsea buoyancy solutions, at a time of resurgent activity among offshore drilling companies globally.
Pleasingly, we remain in the running for approximately $90 million of near term subsea buoyancy opportunities, and continue to actively pursue the significantly larger, longer term quotation pipeline.”
Matrix Composites and Engineering is an ASX-listed company that specialises in the design, engineering, and manufacturing of composite and advanced material technology solutions for the oil and gas, civil, infrastructure, resources, defence, and transportation industries. The company has more than 20 years-experience, as well as a reputation as an industry leader, becoming a ‘major’ exporter of Australian goods and services with customers located all over the world.
Matrix is stationed in Australia with offices in the US, and is uniquely positioned to deliver complete turnkey solutions offerings with localised customer support.
