Trading conditions over the first half of 2015 continued to be challenging for the oil and gas industry and the associated service sector, with many of the operators exercising stringent capital discipline. In the face of the difficult market, MyCelx Technologies Corporation notes the resilience of its business sales which amounted to $8.6 million in first half compared to $7.5 million in the same period last year.

Given the adverse market conditions which have resulted in cancellations and delays in capital approvals for major projects across the industry, MYCELX is updating its guidance on fiscal year 2015 outlook. MyCelx Technologies Corporation noted that were there to be no new contract wins and based on the current run rate, it expects total revenue would be in the range of $15 million to $16.5 million, representing a 10% to 20% improvement on fiscal year 2014.