Matrix Composites & Engineering, a provider of composite and advanced material technology solutions, has bagged a $16 million purchase order to deliver a subsea production buoyancy system to a major deepwater project in South America.
Under the contract, Matrix will manufacture Subsea Umbilicals, Risers and Flowlines (SURF) distributed buoyancy modules for Subsea 7, which will be used in a floating production storage and offloading project.
Matrix said in a press release that it will leverage its cutting-edge composites production facility in Henderson, Western Australia. Work is expected to be completed by June 2023.
The buoyancy system is designed to support the project’s production riser system, which funnels petroleum from the sea floor to the floating production system. The product is capable of operating in depths exceeding 2,000 metres with Matrix’s market-leading materials technology and patented clamping system.
“The purchase order from Subsea 7 represents a key milestone for Matrix in the SURF Market and leverages our existing capabilities, with further opportunities in this buoyancy market segment actively being targeted,” said Aaron Begley, CEO of Matrix.
The latest contract comes after the company secured a separate $14 million purchase order for the supply of a Deepwater Drilling Riser Buoyancy system in Asia.
Revenue for these two major projects will be substantially recognised in the current financial year, underpinning an expectation of a much-improved fiscal year 2023, Matrix said in its media statement.
“Evidenced by two recent major contract awards, we are methodically capitalising on the ongoing rebound of activity within our traditional markets, whilst also growing our capabilities in the resources sector and renewable energy space,” Begley said.
The company said the latest contract award is expected to open up similar scale opportunities in the Southern American market.
