Based on your description and the attached image, here are two possibilities as shown in the video:
Hope you find your answer in this.
Tushar, thank you, great video. However I don't have the Cut icon (in the second procedure). I've gone into Customize the Ribbon and it's not there. I've tried to do it using Extrude, but haven't been able to select the sketch.
Okay, managed to get it to work by selecting Extrude and then the inner curveof the sketch. It was confusing at it only selects the inner curve, not the entire sketch and the 'steering wheel' didn't show up, just a single arrow pointing out from the center of the cylinder so didn't think it could be dragged side to side, but it could so I selected 'minus' and 'symetrical' and it removed.
I am guessing from your second post that you are working in Synchronous. Tushar's video was in Ordered.
Here is a video showing how simple these operations are using Synchronous - almost no commands. The design intent is inferred from how you select the geometry and what you do with the steering wheel.
Firstly I simply dragged the 2D Steering wheel (arrow) and Solid Edge simply removed or added material normal to the plane of the sketch. Next I dragged the Steering Wheel on to the center of the cylinder this inferred that I wanted to do a revolved cut.
Nice video - was useful for me too. Thanks.
It appears Garnet was still in synchronous mode after watching my video which perhaps he didn't realize was showing an ordered workflow.