Matrix Composites & Engineering (ASX:MCE) wins $44m SURF boom contract in Brazil – The Market Herald | Jobs Vox

• Matrix Composites & Engineering (MCE) Receives $44 Million Standalone Purchase Order from Saipem for Supply of Subsea Umbilicals, Risers and Flowlines (SURF) Products
• The order involves the production and delivery of SURF distributed buoyancy modules for a floating production storage and offloading (FPSO) system within a project in Brazil.
• Matrix CEO Aaron Begley says “significant” contract award marks a new phase of growth for the company
• With the new contract, Matrix has secured contracts worth $77 million through the end of the 2024 fiscal year
• Shares in Matrix closed up 19.57 percent at 27.5 cents Wednesday afternoon.

Matrix Composites & Engineering (MCE) has secured a $44 million standalone purchase order from oilfield services company Saipem for the supply of subsea umbilicals, risers and flowlines (SURF) products.

The order involves the production and delivery of SURF distributed buoyancy modules for a floating production storage and offloading (FPSO) system within a project in Brazil.

The project will utilize Matrix’s carbon fiber syntactic foam technology and deliver the buoyancy modules and clamping systems with all components being built at the company’s facility in Henderson, Western Australia.

Manufacturing is scheduled to begin during the first quarter of 2024 fiscal, with full delivery expected within that fiscal.

Matrix CEO Aaron Begley said the “significant” contract award signaled a new phase of growth for the company.

“We now have approximately $77 million secured by at least the end of FY24, which gives us a strong financial platform as we enhance our diversification across the energy and resources sectors, as well as enhance our capabilities in clean . energy renewal,” Mr. Begley said.

“We are also optimistic about the opportunities coming from the South American market for Matrix further.”

This latest order matrix builds on the $16 million SURF order it secured in August, which the company said opens up similar opportunities in the South American market.

Prior to that award, Matrix also secured a purchase order in June valued at approximately $14 million to supply deepwater drilling riser buoyancy systems in Asia.

Shares in Matrix closed up 19.57 percent at 27.5 cents on Wednesday afternoon.