Matrix Composites & Engineering wins $34M subsea contract

• Matrix has been awarded a subsea components contract valued at approximately $34 million for an international energy project.
• Following the announcement, the company's share price increased slightly to close at $0.40.
• The agreement expands the company's contracted backlog ahead of its pending corporate acquisition transaction.

Matrix Composites & Engineering (ASX:MCE) secured a contract valued at approximately $34 million to manufacture and supply subsea components for an international energy project.

This newly executed agreement represents the second largest contract award for the business over the past 12 months.

“The award of another major contract, the second largest in the last 12 months, demonstrates Matrix’s strong position in the international subsea market,” said Matrix CEO Aaron Begley.

The company stated that manufacturing will commence immediately at its facility in Henderson, Western Australia, with final despatch expected by the end of the 2027 financial year.

Following the announcement, the Matrix share price was up at $0.40.

The operational milestone comes as the company works towards completing its scheme transaction to be acquired by Advanced Innergy (ASX:AIH).

The company said the order builds its near-term workflow and underpins its sectoral outlook for the 2027 financial year.