Matrix Composites & Engineering : awarded new contract by Transocean continues positive momentum with new contract Composites & Engineering Ltd is pleased to announce it has been awarded a new contract for approximately…

Matrix continues positive momentum with new contract

Matrix Composites & Engineering Ltd is pleased to announce it has been awarded a new contract for approximately $4.2 million to upgrade drilling riser buoyancy for Transocean, a global offshore drilling contractor headquartered in the United States.

The order involves an upgrade to ultra-deep water drillship modules for Transocean with the bulk of the order scheduled for completion and delivery to the US during this December half of FY22.
This follows the recently announced award of two other new riser buoyancy projects valued at approximately $5.0m (see ASX announcement dated 19 July 2021), also in the international deep sea drilling sector.

Commenting on the award of the order, Matrix Chief Executive Officer Aaron Begley said the Company is seeing increasing activity in the oil and gas sector.

"This new award is another positive indication that the offshore oil and gas markets are recovering. 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.

"With the three recent contracts and some additional smaller orders, we have now received almost $10 million in drilling riser buoyancy awards in the last three months, which will predominantly be executed during this half."

For further information please contact:

Investors

Aaron Begley
Chief Executive Officer
Ph: [phone]
Email: [e-mail]

Brendan Cocks
Chief Executive Officer
Ph: [phone]
Email: [e-mail]

Media

Adrian Rauso
FTI Consulting
Ph: [phone]
Email: [e-mail]