Matrix Composites & Engineering Ltd (ASX:MCE) has signed an agreement with leading Australian natural gas producer Woodside to provide technology development services.
Under the framework agreement with Woodside Energy Technologies, a wholly owned subsidiary of Woodside Petroleum Limited, Matrix will provide engineering services, utilising its expertise in advanced materials technology, composite materials and advanced manufacturing.
The Matrix scope of services ranges from concept to commercialisation and includes detailed design and engineering, management and execution of research and development projects, specialised testing, prototyping and manufacturing.
There is no minimum contract value, with all work to be provided on an agreed schedule of rates. The agreement is for three years with two one-year options to extend.
Matrix Chief Executive Officer Aaron Begley said the agreement aligned with Matrix’s focus on shifting the company’s revenue streams from greenfields CAPEX to brownfields OPEX, targeting locally based opportunities to create innovative advanced material solutions.
We recently formed a technology group to increase penetration of Matrix’s advanced materials technologies into operations and brownfields projects and I am excited we have secured this significant strategic agreement as one of only three key technology providers to Woodside Energy Technologies,” Mr Begley said.
“Matrix is already executing several projects for Woodside and this agreement further strengthens our relationship with an important customer.
“The combination of our expertise in materials science and advanced manufacturing enables Matrix to deliver solutions that traditional materials cannot, and this agreement provides us with an excellent opportunity to demonstrate our capabilities in the local market.”