Scidev Ltd - Strong Recovery in US Oil & Gas Sector
Scidev Ltd (ASX:SDV)

Strong Recovery in US Oil & Gas Sector


What's happened?

SciDev Limited (ASX:SDV, "SciDev") have released an update on activity levels within the US oil & gas sector.

What are the key accomplishments for FY2020?

  1. US Oil & Gas sector is continuing to recover from the market decline experienced in early CY 2020 increasing demand for Highland Fluid Technology (HFT) chemistry and professional services.
  2. As a result, HFT is now on track to deliver >A$3m of revenue for Q1 FY21, previous guidance was >A$2m of revenue for Q1 FY21.

For further information, please refer to the announcement linked below.

Managing Director's Summary

Lewis Utting

"It is great to see a recovery in the oil and gas sector and the hard work of the team translate to business outcomes so soon after our last update. Our decision to move into oil and gas through Highlands is now starting to deliver the outcomes we envisaged. Having weathered recent challenges in the oil and gas sector we are now in a strong position to capitalise on growth in this significant market."

Lewis Utting
Managing Director, Scidev Ltd

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