Matrix Composites Boosts FY26 Revenue with $11M in New Subsea Projects
Matrix Composites & Engineering has secured an additional $11 million in subsea project awards, lifting its FY26 secured revenue to over $80 million and signalling a strong second half of the financial year.
- New $11 million subsea project awards added to FY26 order book
- Total secured revenue for FY26 now exceeds $80 million
- Projects include drilling riser buoyancy upgrades and SURF market installations
- Production centred at Henderson, Western Australia facility
- Revenue and earnings expected to be weighted towards second half of FY26
Matrix Expands Subsea Order Book
Matrix Composites & Engineering Ltd (ASX: MCE) has announced a significant uplift in its secured revenue for the 2026 financial year, driven by approximately $11 million in new subsea project awards. These contracts add to the company’s already robust order book, pushing total secured revenue to at least $80 million for FY26.
The new projects span multiple customers and focus on the supply of drilling riser buoyancy upgrades for existing deepwater drilling rigs, as well as subsea installation buoyancy components within the Subsea Umbilicals, Risers and Flowlines (SURF) market. This diversification within the subsea segment highlights Matrix’s growing footprint in niche offshore engineering solutions.
Production and Operational Outlook
All production related to these new contracts will be carried out at Matrix’s advanced composites manufacturing facility in Henderson, Western Australia. The company expects the majority, if not all, of the work to be completed by the end of FY26, underscoring a busy construction period ahead.
Matrix’s CEO, Aaron Begley, emphasised the strategic importance of these awards, noting that they build upon a strong order book and position the company for a solid performance in the latter half of the financial year. Since July, Matrix has secured over $60 million in new subsea work, with production for major projects already underway since November.
Market Position and Future Prospects
Matrix’s expertise in composite and advanced material technologies continues to serve a global client base across oil and gas, infrastructure, and defence sectors. The company’s ability to secure multiple contracts in the competitive deepwater drilling and SURF markets reflects its reputation for delivering specialised, turnkey solutions.
Looking ahead, Matrix is actively pursuing additional near-term subsea buoyancy opportunities, suggesting that the momentum in its subsea segment may continue to build. Investors will be watching closely to see how these projects translate into earnings and whether the company can sustain this growth trajectory beyond FY26.
Bottom Line?
Matrix’s expanding subsea portfolio sets the stage for a strong FY26 finish, but execution will be key to converting secured revenue into profit.
Questions in the middle?
- How will the new projects impact Matrix’s overall profitability in FY26?
- What is the timeline and risk profile for completing these subsea contracts?
- Can Matrix sustain its subsea market momentum into FY27 and beyond?
