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!
WHAT DO YOU THINK?
Click on the button below to add 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.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you