Australia: Matrix Receives New Subsea Development Contracts
- Business & Finance
Matrix Composites & Engineering announced that it has been awarded new contracts totaling USD$48.2 million for the supply of drilling riser buoyancy, centralisers and distributed buoyancy for use in subsea development and onshore environments.
The contracts to manufacture and supply drilling riser buoyancy are from a major Korean shipbuilder and a US based drilling contractor for use on four rigs. In addition there is an option to supply additional buoyancy valued at USD$23 million bringing the total including the option to USD$71.2 million.
Matrix has recently completed the development and testing of its 12,000 ft drilling riser buoyancy modules to API 16F standards. It is currently fulfilling an order for 12,000 ft riser buoyancy for delivery at the end of the year. The Company is also in the process of developing 13,000 to 15,000 ft riser buoyancy modules for use in ultra deep subsea environments. With the largest hydrostatic pressure testing facility in the world which can test buoyancy systems to a service depth of 17,500 ft, Matrix is well positioned to capture further market share as the industry moves towards deeper water drilling.
SURF Ancillary Equipment
Matrix’s subsea, umbilical, riser and flowline (SURF) ancillary equipment line has been growing steadily. The Company was recently awarded a significant contract from a new client to supply distributed buoyancy. The buoyancy will be used on a project in West Africa that is being developed by a major French oil producer. With the area becoming one of the world’s top oil regions, West Africa is a key focus of Matrix.
Well Construction Products
The Company has recently signed a supply agreement with a major US operator for its low friction centralisers. The operator is transitioning its entire land based rig fleet to Matrix centralisers which will allow them to run water based muds instead of oil based muds.
Matrix has recently released two new patented, low friction composite drilling and completions centralisers. The Matrix ‘Wide Blade’ low friction centraliser was released in May and is for use in applications that demand a heavier duty solution whilst retaining the benefits of a non-metallic centraliser. The Matrix ‘Revolution’ centraliser is an ultra low friction composite centraliser designed for extremely challenging, longer deviated wells. It is made using very low friction materials and has a 50 per cent lower dry static co-efficient of friction that competing technologies.
“We are very happy with the progress we are making in our newer product groups including SURF ancillary equipment and well construction products. The global markets for these products are significant and our recent product releases have been extremely well received by the marketplace”, says CEO Aaron Begley.
Matrix is involved in the design, testing, manufacture, distribution and service of a range of engineered products used in the oil and gas, and resources industries. Matrix manufactures technically advanced products using composite and polymer materials that originate from the aerospace and defence industries. It is the use of innovative and advanced materials technology that has given the Company a market leading position in the manufacture of riser buoyancy modules.
Subsea World News Staff , July 10, 2012; Image: Matrix