The Weir Group plc will reduce its workforce by eliminating 125 jobs in response to falling oil and gas activity levels, the company confirmed in an email to Rigzone.
The job cuts will be mainly in North America. The Glasgow-based engineering company has global operations in more than 70 countries and employs about 15,000 people with a focus on oil and gas, minerals and power. About one-third of the company’s annual revenue comes from emerging markets in Asia Pacific, Africa and South America.
According to the company’s Interim Management Statement, oil and gas orders were down 23 percent in the first quarter. The U.S. rig count declines exceeded Weir Group’s previous planned assumptions and with limited visibility on market stabilization, the company is planning for “substantial reduction in divisional revenues and a lower operating margin expected" in 2015.
Oil companies have been grappling with declining commodity prices for months now, and many have implemented workforce reductions because of it.
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