Matrix Composites & Engineering (ASX:MCE) secured a new contract with Subsea 7, valued at about AU$21 million to AU$23 million, to supply a subsea umbilicals, risers, and flowlines product for an unspecified international project, according to a Monday filing with the Australian bourse.
The buoyancy system will be built at the company's Western Australia production facility, with most of the revenue to be recognized in fiscal 2025 and the product shipped in the September 2025 quarter, the filing said.
Matrix Composites & Engineering shares fell nearly 4% in afternoon trade Tuesday.
Price (AUD): $0.27, Change: $-0.01, Percent Change: -3.64%
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