• Matrix awarded new $7m purchase order from Stena Drilling for Deepwater Drilling Riser Buoyancy System
• Equipment to be manufactured at Matrix's Henderson facility with delivery by H1 FY26
• Order further solidifies Matrix's position as a premier supplier of drilling riser buoyancy systems

Matrix Composites & Engineering Ltd (ASX: MCE) has announced that it has received a purchase order from Stena Drilling for the supply of a Deepwater Drilling Riser Buoyancy System. The new award has an expected value of approximately A$7 million, with the buoyancy modules and riser system modifications to be used for an upgrade on an existing Stena Drilling rig. Matrix will manufacture all the equipment at its advanced composites production facility in Henderson, Western Australia, with approximately half of the order expected to be completed and delivered by 30 June 2025 (FY25), and the balance during the first half of FY26. This purchase order from the drilling sector shows continued activity in the overall Subsea Buoyancy market following the Company's contract award in the Subsea Umbilicals, Risers and Flowlines (SURF) market announced in late November 2024 for approximately A$21m to A$23m. Matrix Chief Executive Officer Aaron Begley stated that this new award further solidifies the Company's position as a premier supplier of drilling riser buoyancy systems, and that improved market conditions for drillers is increasing aftermarket demand for replacements and upgrades, which Matrix is well positioned to service, having delivered over $1 billion of syntactic foam buoyancy to the drilling sector in the last 15 years.

With a solid recovery in the drilling sector in recent years and a strengthening drill rig market, Matrix continues to actively pursue an increasing opportunity pipeline.