Matrix Composites & Engineering was trading 20 per cent higher this morning after announcing a new technology agreement with oil and gas major Woodside Petroleum.
Based in Henderson, Matrix specialises in the design, engineering and manufacture of composite and advanced material technologies for a range of industries including civil, oil and gas, and defence.
The business will provide tech development services to Woodside Energy Technologies over a three-year term, with two one-year extension options.
All work will be provided on an agreed schedule of rates, Matrix says.
Its scope of services will include detailed design and engineering, management and execution of research and development projects, specialised testing, prototyping and manufacturing.
Chief executive Aaron Begley said the business was targeting locally based opportunities.
“We recently formed a technology group to increase penetration of Matrix’s advanced materials technologies into operations and brownfields projects, and I am excited we have secured this significant strategic agreement as one of only three technology providers to Woodside Energy Technologies,” Mr Begley said.
“Matrix is already executing several projects for Woodside and this agreement further strengthens our relationship with an important customer.”
Shares in Matrix reached a high of 21 cents today before closing at 16 cents, up 14 per cent on yesterday's close.