Australia's Matrix eyes best session to date on contract win

Matrix Composites & Engineering

25/11/2024 03:54

** Shares of Matrix Composites & Engineering  MCE.AX  rise
as much as 26.1% to A$0.29, set for their best session to date -
if current gains hold
    ** Stock hits highest level since Nov. 11
    ** Equipment manufacturer and engineering services co says
it has been awarded a contract valued at A$21 mln-A$23 mln
($13.70 mln-$15.00 mln) by UK-based oil-related services and
equipment provider Subsea 7  SUBC.OL  
    ** Contract to supply Subsea Umbilicals, Risers and
Flowlines (SURF) product for an international project
    ** SURF product is related to installation of oil and gas
systems in deep waters
    ** Stock up 24.9% YTD, including current-session moves

($1 = 1.5330 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))