Matrix wins $30m subsea contract

Matrix Composites & Engineering has secured $30 million worth of work from Subsea 7 to supply equipment for an international offshore project.

Henderson-based Matrix was awarded a contract to supply subsea buoyancy equipment for Subsea Oil & Gas Riser System, valued at about $30 million.

In its ASX announcement, Matrix said the project was scheduled to start production in the June 2024 quarter to be completed by the December quarter with revenue by FY25.

The equipment would be built using its art composites production facility in Henderson.

“The production plan will be determined during the final design phase with Subsea 7 in the coming months,” Matrix said on the ASX.

“Following the latest award, the company’s secured FY24 revenue from subsea work alone is more than double Matrix’s FY23 subsea revenue of around $36 million demonstrating the strengthening market conditions.”

Matrix chief executive Aaron Begley said the company was elevating the strong growth momentum it generated in FY23.

“After securing two major SURF buoyancy contract awards during H1 FY23, we said we were optimistic about further international subsea opportunities and that Matrix would be actively targeting those opportunities,” he said.

“This latest award validates this initiative, and backed by our world-class manufacturing facility with additional operational capacity we are actively targeting further opportunities.

“With a strong pipeline in the subsea market for our traditional oil and gas products, and with diversified work across the renewable energy and resources sectors, the company is confident in its growth trajectory.”

Matrix completed an $18 million contract for work on another Subsea project during the first half of FY23.