new orders, page-4

It is hardly surprising that energy companies are delaying investment decisions in the deep water environment. This is among the most expensive oil on the planet to extract and talk of a European and possible global recession is hardly likely to set the oil price on fire.

The tide will turn and Matrix will be there to deliver when it does, but I wouldn't expect anything spectacular in the next 12 months. Longer term is an entirely different story.

This is a great company in a very favourable industry and the long term benefits will come for the patient investors.