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SciDev (ASX:SDV) - Managing Director & CEO, Lewis Utting - The Market Herald
Managing Director & CEO, Lewis Utting
Source: Switzer Financial Group
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  • SciDev's (SDV) U.S. subsidiary, Highland Fluid Technology (HFT), has received a US$500,000 (around A$638,000) purchase order from ExxonMobil
  • The purchase order is an extension of work for HFT's provision of chemical and professional services
  • Under the one year contract, HFT will formulate a lightweight drilling fluid to be used in the field
  • On market close for the weekend, SciDev dropped 1.43 per cent to 69 cents per share

SciDev's (SDV) U.S. subsidiary, Highland Fluid Technology (HFT), has received a US$500,000 (around A$638,000) purchase order from oil and gas giant, ExxonMobil.

The purchase order is an extension of work for HFT's provision of chemical and professional services.

HFT specialises in bespoke chemistry and services for fluid recycling and water reuse.

Under the one-year contract, HFT will formulate a lightweight drilling fluid to be used in the field, with its patent-pending TrueMud technology to be used by ExxonMobil's international projects.

"The provision of HFT’s professional services and application knowhow direct to a large-scale end user validates our strategy to support service, exploration and production companies directly," HFL President Kevin Smith said.

"Working with an end customer such as ExxonMobil on a large-scale oil & gas project positions HFT as a growing leader in the provision of fluid technology within the energy sector," he added.

Last month, SciDev reported a record $10.2 million in cash receipts for the December 2020 quarter — an increase from the $5.6 million delivered in the previous corresponding period.

On market close for the weekend, SciDev dropped 1.43 per cent and is trading at 69 cents per share.

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