Plexus: More Cuts Expected

Wellhead engineering firm Plexus Holdings plc warned Thursday that more cuts are expected to take place in the future, following a 20 percent reduction in personnel and infrastructure related overheads.

This 20 percent decrease is expected to hit “50 percent plus” in the year ahead, according to a company statement, as Plexus looks to realign the business to the lower oil price environment.

"After the record financial performance of the previous 12 months, 2016's full year results reflected the challenging trading conditions,” Plexus Chairman Jeffrey Thrall said. 

"With no significant investment requirements going forward, we have strengthened the group's balance sheet with the intention of being able to outlast the remainder of the cyclical downturn.  How long the downturn will last and how severe it will be of course remains the big unknown,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)
 -  What Kind of Salary Potential Do Geote... (Sep 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Coordinator
Expertise: Project Management
Location: Los Angeles, 
 
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
 
Field Office Manager
Expertise: Accounting|Secretarial or Administrative
Location: Manquin, VA
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours