Matrix Composites & Engineering Ltd. announced it has secured a large standalone contract, receiving a purchase order for approximately $44 million from multi-national oilfield services company Saipem to supply a Subsea Umbilicals, Risers and Flowlines (SURF) product. The scope of the purchase order encompasses the production and delivery of SURF distributed buoyancy modules for Saipem for a Floating Production Storage and Offloading (FPSO) system within a project in Brazil. The project will utilise Matrix's state of the art carbon fibre syntactic foam technology and API 17L V2.0 certified distributed buoyancy modules and clamping systems. All equipment will be built utilising Matrix's existing capacity at its advanced composites production facility in Henderson, Western Australia, with manufacturing scheduled to begin during the first quarter of FY2024 and full delivery within that financial year.

This latest order builds on Matrix securing a circa $16 million SURF order in August 2022, at which point the Company flagged to the market that it would open up similar opportunities in the South American market. Prior to that award, Matrix also secured a purchase order in June 2022, worth approximately $14 million, for the supply of a Deepwater Drilling Riser Buoyancy System in Asia. Matrix Chief Executive Officer Aaron Begley said this significant contract award signified a new phase of growth for the Company.