Matrix locks in $13m work

Matrix Composites & Engineering has locked in a $13 million order from Japan’s Cosmos Shoji Co to supply a deepwater buoyancy system.

Henderson-located Matrix will supply riser buoyancy systems, which incorporates its carbon syntactic foam technology, which will be used on a deep sea oceanographic vessel.

The Japanese vessel will carry out activities across deep sea mining, deep sea research and subsea geological surveys, according to Matrix.

Matrix will build the buoyancy system at its Henderson facility to deliver the product in the second half of FY23. 

Matrix chief executive Aaron Begley said the company has been successful in leveraging its core riser buoyancy capability across a broader range of the deepwater market.

He said the product was typically used in offshore drill rigs for a non-oil and gas application.

“This order represents the largest contract the Company has ever received outside the oil and gas sector,” he said.

“With this award we now have locked in nearly $70 million of secured revenue in FY24 for subsea projects alone, underpinning strong year on year growth.

“Our Henderson plant is operating at its busiest level since 2016 and we are chasing other near term opportunities that could continue to add significantly to our FY24 revenue and the longer-term order book.”