Weir expects fall in oil and gas orders to continue

Weir Plc said orders from its oil and gas business fell 23 percent in the first quarter, a smaller drop than was expected by the market, sending its shares up as much as 5 percent. The Scottish industrial engineering firm, which expects the decline in orders to continue in the second quarter, said it would cut costs at its oil and gas segment by another 10 million pounds ($15.35 million). Companies serving the oil and gas industry have been feeling the pinch as exploration and production majors slash spending in response to the steep fall in crude prices. Weir, which makes valves and pumps for the energy and mining industries, plans to cut another 125 jobs, mostly in its North American oil and gas business, and consolidate its service centres in the region, Andrew Neilson, Director of Strategy and Corporate Affairs told Reuters.

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