Matrix wins contract to manufacture drilling riser buoyancy modules for TransOcean

Image credit: Matrix Composites & Engineering

Matrix Composites & Engineering has received a contract, projected to be valued at $4 million, to supply offshore drilling contractor TransOcean with drilling riser buoyancy modules. 

Under the contract, the modules are anticipated to be manufactured and delivered in the first quarter of fiscal year 2024 and will be used to enhance an existing Transocean drilling rig, as revealed in an ASX announcement.

With the deal announced today, the ASX-listed company will have over $50 million in secured revenue from its Subsea division for the upcoming fiscal year (FY24).

Matrix recently received orders totalling more than $3 million for its Humidur Coatings solutions and LGS Pipeline Free Span correction equipment, bolstering the Company’s diverse revenue stream.

According to the company, this will build on the strong momentum it has produced across its businesses in FY23, with revenue for the fiscal year now estimated to be between $45 million and $50 million, up from $28.6 million in FY22.

Matrix CEO Aaron Begley stated that the contract with TransOcean improves Matrix’s position as a supplier of drilling riser buoyancy modules.

“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,” Begley said.

The Matrix official said the company is still in the race for about $90 million in near-term subsea buoyancy opportunities.

“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,” said Begley. 

Founded in 1990, Matrix Composites & Engineering specialises in the design, engineering, and manufacture of composite and advanced material technology solutions for the oil and gas, civil and infrastructure, resources, defence, and transportation industries