It is hardly surprising that energy companies are delaying...

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.