Matrix Composites & Engineering lands significant contract

Matrix Composites & Engineering (ASX:MCE) has announced a significant contract win with Subsea 7, valued between A$21 million to A$23 million. The contract involves supplying a Subsea Umbilicals, Risers, and Flowlines (SURF) product for an international project. Most revenue will be recognized in the financial year 2025, with delivery expected by September 2025.

Matrix Composites & Engineering's strategic expansion in SURF market

Matrix Composites & Engineering (ASX:MCE) has secured a significant contract with Subsea 7, marking a major step in their SURF market expansion. The contract, valued between A$21 million to A$23 million, will see the company delivering a buoyancy system by September 2025, contributing to a projected $60 million in SURF revenue for FY25. With over $120 million secured in recent SURF projects and potential contracts worth $280 million in contention, Matrix is poised for growth. The company's strategic focus on expanding market presence underscores its leadership in composite and material technology solutions.

Matrix Composites & Engineering commentary on contract win

We are pleased to secure this contract with Subsea 7, which enhances our growing reputation and success in the SURF market. This win reflects our strong track record and positions us well for future opportunities.