UK-based engineering software business AVEVA Group reported Monday that it was experiencing "increased uncertainty and reduced visibility" in the oil and gas market – which accounts for approximately 45 percent of its sales.
AVEVA – which makes software used to design large-scale industrial plant – said the performance in its Engineering & Design Systems business was broadly in line with its expectations and that recurring revenue was on track. But, in spite of some new customer wins, the backdrop for its Enterprise Solutions operation gas has been "significantly more challenging" due to budget constraints among owner-operator customers in the oil and gas sector.
The firm added that the increased uncertainty and reduced visibility in the oil and gas market has been exaggerated recently by the sharp decline in the oil price.
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