MATRIX COMPOSITES & ENGINEERING LTD 16 February 2016
Matrix Composites & Engineering Ltd (ASX: MCE, "Matrix") has received notification from a shipyard customer of a Request for Cancellation in respect of two contracted orders for buoyancy riser systems, each to the value of US$10.89m.
The second of these orders was not scheduled for production by Matrix until FY18. The first of the orders has been completed. Matrix has completed its contractual obligations in relation to this project and intends to pursue its commercial rights under the contract.
About Matrix Composites & Engineering (MCE)
Matrix Composites & Engineering ('Matrix') manufacturers and supplies engineered products and services to the global energy sector. Matrix has an established reputation for developing and utilising advanced composite and polymer materials technologies and innovative manufacturing processes. This means its products are stronger, lighter and longer lasting, and can be manufactured and delivered within shorter timeframes.
Matrix Composites & Engineering Limited issued this content on 16 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 February 2016 01:40:10 UTC
Original Document: http://www.matrixengineered.com/media/103033/0216_-_notice_of_contract_termination.pdf
