What has happened?
SciDev (ASX:SDV) announced that their US-based subsidiary, Highland Fluid Technology Inc. (HFT), has signed a purchase order with ExxonMobil for the provision of chemical and professional services. The purchase order is expected to have an approximate value of USD$0.5m.
What are the key highlights?
- SciDev’s US-based subsidiary, Highland Fluid Technology, has signed a purchase order with ExxonMobil for the provision of chemical and professional services with an approximate value of USD$0.5m.
- The new purchase order marks an extension of Scidev’s relationship with ExxonMobil, with work having commenced with the US-based Oil and Gas giant in 2020.
- Highland Fluid Technology’s facilities and professional services have been contracted to formulate a lightweight drilling fluid to be utilised in the field, with Highland Fluid’s patent-pending TrueMud™ technology to be used by ExxonMobil on a large-scale international operation.
Commenting on the extension, Kevin Smith, President of Highland Fluid Technology, said:
“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. 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.”
What does this mean?
The recent signing of the purchase order with US Oil & Gas giant ExxonMobil further validates Highland Fluids Technology’s (HFT) status as a growing leader in the provision of fluid technology within the global energy sector. The purchase agreement involves HFT’s patent-pending TrueMud™ technology, which is to be used by ExxonMobil on a large-scale international operation. SciDev’s continual involvement with large US blue-chip companies further widens its global reach as it expands its involvement in US Oil & Gas.
