Matrix raises cash, will expand composites production

Perth advanced composite systems manufacturer Matrix Composites & Engineering has successfully raised $7 million from a share placement to support expansion to service emerging opportunities.

The company, best known for its buoyancy systems for offshore pipelines and oil and gas installations, said the raise reflected its positive outlook and pipeline of tender opportunities.

It would provide opportunities to fund new projects in the oil and gas sector, which is recovering from a Covid-19 downturn, and to expand the recently purchased corrosion technology business.

Matrix is also pursuing composite solutions for land-based resources companies, a business it focused on during the O&G sector downturn.

CEO Aaron Bagley said strong prices were being seen along with a revival in the oil and gas market, leading to an expansion of drilling rigs, which are at a level last seen in 2016.

Bagley said: “The support the company has received through the placement bodes well for our subsea buoyancy products, and a reinforced balance sheet will ensure we are well placed to capture growth as opportunities continue to emerge.

“Our corrosion technology business has delivered approximately $6 million in revenue over the past six months, and we continue to experience increasing demand.”

Matrix specialises in the design, engineering and manufacture of composite and advanced material technology solutions for the civil and infrastructure, resources, oil and gas, defence, and transportation industries.

Picture: Matrix Composites & Engineering/Henderson, Perth facility

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