Matrix Composites and Engineering wins new contracts in China and the U.S.

Matrix Composites and Engineering (ASX:MCE) has been awarded several new contracts for the supply of drilling riser buoyancy to new clients in China and the U.S.

These projects are scheduled for completion and delivery in FY16 and include projects in both the replacement market and the newbuild drillship market.

Matrix will also supply a client with its Nautilus drilling riser protection system designed to protect bare riser joints and provide greater flexibility when stacking risers.   

The company’s current backlog – inclusive of new contracts - is US$97.7 million.

About half of contracted orders are scheduled for production by the end of Q2 FY16 while the balance will be produced over the balance of FY16 and CY17.

EBTIDA for FY2015 has been forecast at between $21.3 million and $25.6 million.

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