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Weir Group sees continued fall in orders from oil and gas business

Reuters - UK Focus

April 29 (Reuters) - Weir Plc said orders from its oil and gas business fell 23 percent in the first quarter and it expects the decline to continue into the second quarter.

The industrial engineering firm said it was planning another 10 million pounds ($15.35 million) in cost reductions from its oil and gas segment.

Weir said first-quarter revenue on a constant currency basis fell, in line with the 9 percent decline in order input.

($1 = 0.6513 pounds) (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Anupama Dwivedi)