Australia-listed Matrix Composites & Engineering has secured a new buoyancy contract with Subsea7 to supply a subsea umbilicals, risers and flowlines (SURF) product for a mystery international project.
The contract is valued at approximately A$21 million to A$23 million (US$13.66 million to US$14.96 million) subject to final design and required quantities.
The buoyancy system will be fully built utilising existing capacity at Matrix’s advanced composites production facility in Henderson, Western Australia, with delivery scheduled for the September quarter of the 2025 financial year.
Matrix’s secured revenue from the SURF market alone for this financial year has now increased to around A$60 million. The contractor said this represents another record year for SURF products, and it expects further growth in a strengthening market as it actively tenders for more work.
Matrix chief executive, Aaron Begley, said: “Key customers are expecting busy conditions for the foreseeable future, and we are optimistic about further opportunities.
“Matrix has around A$280 million of competitive quotations yet to be awarded, including four to six projects with a value of A$80 to A$140 million expected to be awarded to the successful bidder before the end of the 2024 financial year.”
Source: By Amanda Battersby from upstreamonline.com