Summary
- Matrix Composites & Engineering Ltd signed a 3-year technology deal with Woodside Energy and has two 1-year option to extend.
- There is no minimum contract value, and all work would be given on an approved schedule of rates.
- Matrix is currently executing multiple Woodside projects. The new agreement will further bolster the relationship of the two parties.
Matrix Composites & Engineering Ltd (ASX:MCE) announced today that it has entered into an agreement with Woodside Energy Technologies to provide technology development services.
Woodside Energy Technologies is a 100% subsidiary of Woodside Petroleum Limited, a company focussed on the management and operations of development, production, transportation, and marketing of hydrocarbon.
The response from the market participants with Matrix Composites witnessing a significant rise in its share price. At AEDT 12:09 PM, MCE shares were trading at A$0.180, up 28.571%. The Company has a market cap of A$14.32 million.
About Matrix Composites & Engineering Ltd
Matrix Composites is engaged in the manufacturing and distribution of engineering products & services for the oil & gas exploration and production industry worldwide via syntactic foam & thermoplastic technologies.
A Peek into the Deal between Matrix and Woodside
Under the framework agreement with Woodside Energy Technologies, Matrix would provide engineering services, use its skills in advanced materials technology, composite materials, and advanced manufacturing.
The Matrix scope of services stretches from concept to commercialisation and contains detailed design and engineering, management and implementation of research and development projects, specialised testing, prototyping & manufacturing.
Matrix confirmed that there is no minimum contract value, and all work would be given on an approved schedule of rates. Also, the contract is for three years and with two 1-year option to extend.
Matrix’s CEO believes that the agreement is in line with the Company’s focus to move the Company’s revenue streams from greenfields CAPEX to brownfields OPEX and aim locally based prospects to create innovative advanced material solutions.
Lately, Matrix has also formed a technology group to increase penetration of its advanced materials technologies into operations and brownfields projects. These initiatives taken by the Company helped it to secure this strategic deal with Woodside Energy Technologies.
Further, Matrix is already executing various projects of Woodside and with this deal further bolster its relationship with a valuable customer.
