Oil and gas sector composites manufacturer Matrix Composites & Engineering has won another large contract for subsea buoyancy systems for the supply subsea umbilicals, risers and flowlines.
The contract, worth between $21 million and $23 million, is for an international project and will be manufactured at Matrix’s facility at Henderson, south of Perth.
This brings to more than $60 million the value of revenue from SURF projects – which support heavy underwater infrastructure in oil and gas fields – so far in FY25, already higher than the total achieved that in the full year FY24.
Matrix told investors that the company had secured more than $120 million across four major projects ‘in recent years’, with the company expecting further strengthening of the market.
Matrix Chief Executive Officer Aaron Begley said the company was building a solid track record in the SURF market.
Begley said: “This contract win is another significant achievement for Matrix in the SUFF market where we have been actively targeting opportunities and continue to do so.
“Key customers are expecting busy conditions for the foreseeable future, and we are optimistic about further opportunities.
“Matrix has around $280 million of competitive quotations yet to be awarded, including four to six projects with a value of $80 million to $140 million expected to be awarded to the successful bidder before the end of the 2024 financial year.”
