Menu
03/11/2015
Weir Group To Cut 400 Overseas Jobs
Glasgow-based engineering company Weir Group has announced it is to cut 400 jobs overseas.
The firm said it expected trading conditions in the fourth quarter to be challenging due to declines in upstream oil, gas activity and lower mineral prices.
In its Interim Management Statement for the third quarter, the group's order input was down 29% year-on-year and 8% compared to the Q2 2015.
Keith Cochrane, Chief Executive, said: "The challenges in our end markets intensified during September and October.
"Mining customers took measures to preserve cash by delaying investments, reducing purchases of consumables and mothballing or curtailing production volumes at higher cost mines.
"Trading conditions in oil and gas markets were impacted by a double-digit decline in North American rig count as WTI oil prices fell below $50.
"In response to these market-issues, the Group has taken further action to support profitability."
Weir stated it intends to make £25m worth of cost savings.
"These measures will generate an additional £25m in annualised cost savings and include additional workforce reductions and service centre consolidations," Mr Cochrane added.
(LM)
The firm said it expected trading conditions in the fourth quarter to be challenging due to declines in upstream oil, gas activity and lower mineral prices.
In its Interim Management Statement for the third quarter, the group's order input was down 29% year-on-year and 8% compared to the Q2 2015.
Keith Cochrane, Chief Executive, said: "The challenges in our end markets intensified during September and October.
"Mining customers took measures to preserve cash by delaying investments, reducing purchases of consumables and mothballing or curtailing production volumes at higher cost mines.
"Trading conditions in oil and gas markets were impacted by a double-digit decline in North American rig count as WTI oil prices fell below $50.
"In response to these market-issues, the Group has taken further action to support profitability."
Weir stated it intends to make £25m worth of cost savings.
"These measures will generate an additional £25m in annualised cost savings and include additional workforce reductions and service centre consolidations," Mr Cochrane added.
(LM)
Related UK National News Stories
Click here for the latest headlines.
15 November 2013
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
Green Light For £4bn Investment In 140m Barrel Oil Field Development
EnQuest, the largest UK independent oil company in the UK North Sea, has given its go-ahead for a £4bn investment in the 140m barrel oil field Kraken development.
31 July 2014
Deal Done To Save Murco Oil Refinery
Four hundred jobs have been saved at the Murco oil refinery in Milford Haven after a buyer was found for the site. The refinery was facing closure following an announcement by owners Murphy Oil that it would no longer be buying crude oil for Murco to process.
Deal Done To Save Murco Oil Refinery
Four hundred jobs have been saved at the Murco oil refinery in Milford Haven after a buyer was found for the site. The refinery was facing closure following an announcement by owners Murphy Oil that it would no longer be buying crude oil for Murco to process.
14 May 2010
George Awarded Damages Over 'Obsession'
The man cleared of murdering TV presenter Jill Dando after spending seven years in jail has won damages over newspaper claims. Barry George brought the case over claims that he was obsessed with singer Cheryl Cole and newsreader Kay Burley. The claims were made in the Sunday Mirror, the People and on the Daily Mirror website in 2008.
George Awarded Damages Over 'Obsession'
The man cleared of murdering TV presenter Jill Dando after spending seven years in jail has won damages over newspaper claims. Barry George brought the case over claims that he was obsessed with singer Cheryl Cole and newsreader Kay Burley. The claims were made in the Sunday Mirror, the People and on the Daily Mirror website in 2008.
25 July 2013
Exploratory Oil Drilling In West Sussex Given Go Ahead
Exploratory oil drilling is to begin in West Sussex. The environment agency have issued a waste permit to energy company, Cuadrilla, allowing it to begin work near Balcombe.
Exploratory Oil Drilling In West Sussex Given Go Ahead
Exploratory oil drilling is to begin in West Sussex. The environment agency have issued a waste permit to energy company, Cuadrilla, allowing it to begin work near Balcombe.
22 February 2013
Fuel Shortage Fears As BP Tanker Strike Begins
A potential BP fuel shortage is feared as 40 of the company’s tanker drivers begin a three-day strike over a pension and pay dispute. The drivers, based at the Grangemouth oil refinery west of Edinburgh, are in dispute after BP transferred 15 drivers who specialise in supplying aviation fuel to airports to work for the delivery firm DHL.
Fuel Shortage Fears As BP Tanker Strike Begins
A potential BP fuel shortage is feared as 40 of the company’s tanker drivers begin a three-day strike over a pension and pay dispute. The drivers, based at the Grangemouth oil refinery west of Edinburgh, are in dispute after BP transferred 15 drivers who specialise in supplying aviation fuel to airports to work for the delivery firm DHL.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
